U.S. Treasury Sanctions Eight Canadian Money Services Businesses

The U.S. Treasury’s Office of Foreign Assets Control (OFAC) designated eight Canadian money services businesses in Operation Economic Outcast, accusing them of supporting Iran’s government and listing multiple associated TRON addresses.

The named firms include Nia Nations Currency (NNCE), Diverse Trade Inc., also known as Million Exchange and MillionEx, Amin Exchange, Farah Exchange and Darvish Exchange. Treasury placed all eight on its Specially Designated Nationals (SDN) list.

Blockchain investigator ZachXBT said in a Telegram post that he had urged the U.S. Treasury in June to sanction Canadian Iranian over-the-counter (OTC) traders he believed criminals had exploited. He singled out Nia Nations and Million Exchange, alleging they had been used to launder crypto tied to recent violent home invasions and extortion cases.

ZachXBT’s June post on X called for action against the traders and named two of the businesses now included in the Treasury designation.