After sanctioning Iranian exchanges in June and August, the Treasury Department on Friday (Nov. 6) sanctioned eight Canadian currency dealers, many of which had transacted with those exchanges, according to a press release.

In a separate action Friday, the Financial Crimes Enforcement Network (FinCEN) issued a transfer ban against offshore exchange MEXC Global. FinCEN said restricting correspondent accounts alone would still leave MEXC a way to reach U.S. dollars through other foreign financial institutions.

Regulatory permission was already a concern for financial institutions weighing whether to engage with crypto. The