US sanctions eight Canadian exchanges working with the Islamic Republic

The US Treasury on Friday, 6 November 2026, sanctioned eight Canada-based money exchanges for helping the Islamic Republic move money and digital assets. At the same time, the department's Financial Crimes Enforcement Network (FinCEN) ordered that the crypto exchange MEXC Global be cut off from the US financial system.

Six of the eight sanctioned exchanges operate in Ontario and the other two in British Columbia: Million Exchange, two companies trading as Amin Exchange, NIA Nations Currency, Farah Exchange, CCC, Cryptoyal and Darvish Exchange. According to the Treasury, the exchanges' crypto addresses transacted with wallets linked to the Islamic Revolutionary Guard Corps (IRGC) and with sanctioned Iranian exchanges such as Nobitex, Wallex, Ramzinex, Bitpin, Aban Tether and Shellbit. Several of them also laundered drug proceeds for Ryan Wedding, a sanctioned Canadian trafficker.

US Treasury Secretary Scott Bessent said Canada must not be a safe haven for the Islamic Republic's financial facilitators and its proxy forces, and that the United States will pursue the regime's financial channels anywhere in the world.

One billion dollars in MEXC transactions with Iranian exchanges

According to the Treasury, MEXC Global processed at least $16 billion in transactions linked to sanctions evasion, cybercrime and other illicit activity between April–May 2021 and April–May 2026. The Islamic Republic's share of that figure was about $1 billion in direct transactions with more than 40 Iranian crypto exchanges, plus about $22 million in transactions benefiting the Central Bank, the IRGC and the Quds Force. The order takes effect 30 days after publication in the Federal Register; from then on, US banks may not transfer funds for the exchange.

The "economic exclusion" operation

Both measures are part of an operation the US Treasury launched in July–August 2026 to cut off the funding of the Islamic Republic and the IRGC, including through cryptocurrency. In May–June the department had already sanctioned four major Iranian exchanges. The sanctions on the Canadian exchanges were imposed in cooperation with Canada's financial intelligence unit and the US Drug Enforcement Administration. A few hours earlier, the US State Department had also offered a reward for information on the Islamic Republic's nuclear programme (DIAR report).

The US Treasury says MEXC Global carried out about $1 billion in transactions with Iranian crypto exchanges.