US Sanctions 8 Canadian Firms Over Iran Financial Ties
The United States Treasury Department imposed new sanctions on eight Canada-based foreign exchange and financial service firms on Friday, November 6, 2026, tightening Washington’s restrictions on financial activities linked to Iran, newsandpost.com reported. The federal action places businesses located in Toronto, Vancouver, Montreal, and surrounding areas onto the Office of Foreign Assets Control’s Specially Designated Nationals list.
Treasury Targets Canadian Exchange Entities
The Treasury Department’s public notice targets multiple entities operating under several names across Canadian metropolitan areas. The designations cover Amin Exchange, Farah Exchange, C Exchange, Darvish Exchange, Million Exchange, and Nia Exchange.
Specific entities identified in the federal notice include 1380079 BC Ltd., operating as Amin Exchange Vancouver, and Top PC Technician Inc., identified as Amin Exchange Toronto. Additional entities encompass 2397639 Ontario Ltd., B Galaxy Inc., CCC Inc. operating as Farah Exchange, along with Darvish Exchange, Diverse Trade Inc., and Nia Nations Currency Ltd. The Treasury stated that several of these targeted businesses operate under multiple trade names.
Under Executive Order 13902, which permits penalties against entities involved in specific transactions with sanctioned sectors of the Iranian economy, these Canadian enterprises face strict prohibitions. The measures block their access to the United States financial system and freeze any property or interests in property falling under United States jurisdiction. Foreign financial institutions engaging in specific transactions with the designated firms also face potential secondary sanctions risks from Washington.
Federal Authorities Link Cryptocurrency Addresses to Sanctioned Businesses
Federal authorities identified multiple cryptocurrency addresses associated with the sanctioned businesses, pointing to the role digital assets play in cross-border financial transfers. The Treasury did not disclose the precise volume of funds routed through the firms or specific transactions tied to the Iranian government in Friday’s public notice.
The action forms part of a broader effort by the administration to dismantle financial networks used by Iran to move funds internationally despite existing prohibitions. Previous Treasury disclosures indicated that Iran’s shadow financial operations utilize exchange houses, overseas front companies, and digital assets to facilitate transactions involving sanctioned banks and corporations.
Prior Treasury findings identified an Iran-based organization known as Amin Exchange as a major participant in the Iranian foreign exchange market, accusing it of brokering hundreds of millions of dollars in transactions for sanctioned Iranian entities, including the National Iranian Oil Company and sanctioned petrochemical exporters. Friday’s public notice did not specify whether the Canada-based firms using the Amin Exchange name maintain a direct connection to that Iran-based organization.
Broader Financial Isolation Campaign
Friday’s sanctions arrived two days after the Treasury announced separate measures targeting networks accused of supporting Iran’s maritime operations, vessel flag disguises, and attempts to acquire portable air defense systems. Those actions formed part of Operation Economic Outcast, an ongoing campaign by the administration to restrict Iran’s access to international trade and financial services.
United States Treasury Secretary Scott Bessent issued a public warning regarding Washington’s continued focus on entities supporting Tehran. In a statement published by the Treasury on November 4, Bessent stated that under Operation Economic Outcast, participants are viewed strictly as allies or adversaries.
As we have stated many times, under Operation Economic Outcast, you are either with us or against us. We know where you are, and we will sanction those who continue to support the Iranian regime, whether on land, at sea, or in the air.
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