OFAC Sanctions Canadian Crypto OTCs for Ties to Iranian and Criminal Networks

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned eight Canadian over-the-counter (OTC) money service businesses for facilitating financial transactions on behalf of Iran’s regime and other illicit actors. This unprecedented move highlights the role of Canadian crypto OTCs in enabling Iran’s financial networks and laundering funds for global criminal enterprises. OFAC’s investigation revealed that these OTCs processed millions of dollars in cryptocurrency transactions tied to Iran’s Islamic Revolutionary Guard Corps (IRGC), sanctioned Iranian exchanges, and other entities. Specifically, more than $6 million in inflows originated from sanctioned jurisdictions, with $3.7 million linked to sanctioned entities and $2.3 million connected to terrorist-financing actors, including the IRGC, Hamas, and the Houthis. Among the Iranian exchanges involved were Aban Tether Exchange, Nobitex, Ramzinex, and Wallex.

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