The U.S. Treasury Department has added eight Canadian money services businesses to its sanctions list, accusing them of facilitating the exchange of currencies such as the Iranian rial for digital assets.
The Treasury said the companies processed transactions for sanctioned Iranian digital asset exchanges and addresses linked to Iran’s Islamic Revolutionary Guard Corps. Some entities had changed their names and addresses to evade detection.
· The sanctions will cut these companies off from access to the U.S. dollar financial system.
· Treasury Secretary Scott Bessent said Canada must not become a safe haven for sanctions evasion services.
What observable changes might Iranian exchanges already under sanctions see as a result of these channels being cut off?
The Treasury said the companies processed transactions for sanctioned Iranian digital asset exchanges and addresses linked to Iran’s Islamic Revolutionary Guard Corps. Some entities had changed their names and addresses to evade detection.
· The sanctions will cut these companies off from access to the U.S. dollar financial system.
· Treasury Secretary Scott Bessent said Canada must not become a safe haven for sanctions evasion services.
What observable changes might Iranian exchanges already under sanctions see as a result of these channels being cut off?
