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

By Riza Dagoc

Canonical URL: https://www.tokenpost.com/news/regulation/51997
Published: 2026-11-09T01:42:55.000Z
Updated: 2026-11-09T01:42:55.000Z
Section: Regulation

> FinCEN’s order cites $16.7 billion in funds tied to Russian illicit finance and other activity, including $1.87 billion in transactions with Iran exposure.

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. The order separately identifies about $1.87 billion in transactions with exposure to Iran, more than $1 billion in direct transactions with more than 40 identified Iranian crypto exchanges, and about $22 million associated with Iran’s central bank, the IRGC and its Quds Force.

The actions were announced under Treasury’s Operation Economic Outcast. The transfer restrictions would begin once 30 days have elapsed from publication in the Federal Register.