U.S. sanctions Canadian money-exchange businesses allegedly connected to Iranian regime, Ryan Wedding

The United States government has announced sanctions against several Canadian currency-exchange businesses accused of helping the Iranian regime and, in several cases, also helping the alleged head of a drug trafficking ring.

Companies in Canada gave sanctioned Iranian entities 'financial lifeline,' treasury says

Rhianna Schmunk · CBC News

· Posted: Nov 06, 2026 6:51 PM EST | Last Updated: 3 minutes ago

Listen to this article

Estimated 3 minutes

The audio version of this article is generated by AI-based technology. Mispronunciations can occur. We are working with our partners to continually review and improve the results.

The United States government has announced sanctions against several Canadian currency-exchange businesses accused of helping the Iranian regime and, in several cases, also helping the alleged head of a drug trafficking ring.

The U.S. Department of the Treasury on Friday said eight Canadian businesses had helped Iranian entities get around financial sanctions. It said some also helped launder proceeds of crime by changing Iranian rials and other currencies into digital assets, like crypto.

"Canada cannot be a safe haven for illicit financial facilitators that provide sanctions evasion services to the Iranian regime and its proxies," Secretary of the Treasury Scott Bessent wrote in a statement.   

• Toronto businessman accused in U.S. of helping Iran's regime was also investigated in Canada

The sanctions effectively cut the Canadian firms off from the U.S. dollar-based financial system, blocking any assets ​the firms might have south of the border and banning any ​transactions with American people or entities.

In its statement, the treasury said the crackdown is part of a wider effort to "sever the economic lifelines that sustain the Iranian regime" and Iran's Islamic Revolutionary Guard Corps (IRGC), which is listed as a terrorist organization in Canada.

The Treasury identified the sanctioned businesses in Ontario and British Columbia as the following:

• Diverse ‌Trade ⁠Inc., doing business as Million Exchange in Ontario.
• 1380079 BC Limited, doing business as Amin Exchange in B.C.
• Top PC Technician Inc., operating in Ontario.
• NIA Nations Currency Ltd., based in B.C.
• 2397639 Ontario Ltd., doing business as Farah Exchange.
• CCC Inc. in Ontario.
• B Galaxy Inc., doing business as Cryptoyal from the same Ontario location as CCC Inc.
• Darvish Exchange in Ontario.

The statement said the companies gave the Iranian regime "financial lifelines" by providing their services. In several cases, officials said the businesses have changed their names and addresses to avoid detection.

In August, the Trump administration expanded secondary sanctions its government can impose on ‌entities and countries maintaining business connections with Iran, raising the economic pressure on Tehran as the war neared its six-month mark.

"​Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran ⁠stands alone," Bessent said at the time.

• Trump administration expands U.S. sanctions on Iran targeting countries with business ties to Tehran

In addition, the statement said three of those businesses helped Ryan Wedding — the Olympian-turned-alleged-drug-kingpin — hide money by laundering bulk cash into digital assets. Ultimately, the treasury said companies sent millions of dollars worth of digital funds abroad before Wedding was arrested in January. 

CBC News has contacted Wedding's lawyer for comment.

WATCH | More on Ryan Wedding:

Ryan Wedding’s path from Olympian to wanted fugitive

January 23|

Duration

3:30

After a decade on the run, Ryan Wedding has been arrested in Mexico City. For The National, CBC’s Eli Glasner breaks down Wedding’s unlikely run from Canadian Olympic snowboarder to wanted drug kingpin, described by the FBI as a modern-day El Chapo.

ABOUT THE AUTHOR

Rhianna Schmunk is a senior writer covering domestic and international affairs at CBC News. Her work over the past decade has taken her across North America, from the Canadian Rockies to Washington, D.C. She routinely covers the Canadian courts, with a focus on precedent-setting civil cases. You can send story tips to rhianna.schmunk@cbc.ca.