US, Canada sanction eight money service firms over links to Iran

The US Treasury imposed sanctions on eight Canadian money services firms for allegedly facilitating transactions with sanctioned Iranian entities, cutting them off from the dollar-based financial system. Separately, crypto exchange MEXC Global was blocked over $16 billion in illicit transactions linked to Iran, North Korea, and Russia.

The US Treasury announced on Friday that it has imposed financial sanctions on eight money services firms based in Canada, alleging they facilitated transactions with sanctioned Iranian entities. The sanctions cut the firms off from the dollar-based financial system, blocking US-based assets and prohibiting transactions with US persons or entities. Treasury Secretary Scott Bessent stated that Canada cannot be a safe haven for illicit financial facilitators serving Iran. The designated businesses are located in Ontario and British Columbia. Separately, FinCEN issued an order cutting off Seychelles-incorporated crypto exchange MEXC Global from the US financial system over at least $16 billion in illicit transactions linked to Iran, North Korea, and Russia.