The US Treasury has sanctioned eight Canadian firms accused of moving funds for Iran-linked entities through digital assets.

The businesses allegedly converted Iranian rials and other currencies into digital assets for cross-border transactions involving Iran.

“Canada cannot be a safe haven for illicit financial facilitators,” accordng to US Treasury Secretary Scott Bessent.

The Office of Foreign Assets Control (OFAC) linked many firms to sanctioned Iranian exchanges and digital asset addresses associated with the IRGC.

OFAC designated all eight businesses under Executive Order 13902, targeting Iran’s digital asset sector.

Treasury launched Operation Economic Outcast in August to disrupt Iran’s use of cryptocurrency for sanctions…