U.S. Sanctions 8 Canadian Firms; FinCEN Orders Limits on Some MEXC Transfers

The U.S. Treasury’s Office of Foreign Assets Control (OFAC) designated eight Canadian money services businesses over alleged Iran-linked digital-asset transfers, while the Financial Crimes Enforcement Network (FinCEN) separately moved to restrict certain U.S. financial transfers involving MEXC Global. Treasury says the firms converted rials and other currencies into digital assets for cross-border dealings tied to Iran. It said many transacted with sanctioned Iranian crypto exchanges or addresses associated with Iran’s Islamic Revolutionary Guard Corps (IRGC). Treasury also alleges that several of the firms handled drug proceeds for Ryan Wedding. FinCEN’s order estimates MEXC facilitated $16.7 billion in funds connected to Russian illicit finance and other illicit activity from May 2021 through May 2026.

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