OFAC Designates Eight Canadian Money Services Businesses Under Operation Economic Outcast
- On November 6, 2026, the US Office of Foreign Assets Control (OFAC) designated eight Canada-based money services businesses (MSBs) under Executive Order (E.O.) 13902 for operating in the digital asset sector of the Iranian economy
- OFAC listed six TRON addresses across four of the eight designees
- According to OFAC, many of the businesses facilitated transactions with sanctioned Iranian digital asset exchanges and with addresses associated with the Islamic Revolutionary Guard Corps (IRGC), and several worked with OFAC-sanctioned drug trafficker Ryan Wedding
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On November 6, 2026, as part of Operation Economic Outcast, OFAC designated eight MSBs based in Canada. According to OFAC, the businesses exchange Iranian rials and other currencies for digital assets. Many facilitated transactions with sanctioned Iranian digital asset exchanges and with addresses associated with the Islamic Revolutionary Guard Corps (IRGC), several sent or received funds from addresses associated with terrorism, and several worked with drug trafficker Ryan Wedding to launder drug proceeds.
One Network, Two Masters: How Ryan Wedding and the IRGC Moved Money Through the Same Pipeline
According to OFAC, the eight businesses exchange Iranian rials and other currencies for digital assets. They facilitated transactions with sanctioned Iranian digital asset exchanges and with addresses associated with the Islamic Revolutionary Guard Corps (IRGC).
OFAC also noted that several of the targets worked with Ryan Wedding, a Canadian drug trafficker designated by OFAC on November 19, 2025 and apprehended in January 2026. According to OFAC, Wedding used MSBs in the Vancouver and Toronto areas to launder drug proceeds, with couriers moving bulk cash that was then converted to digital assets.
The designees
OFAC designated the following entities:
- Diverse Trade Inc (doing business as Million Exchange), Ontario
- 1380079 BC Limited (doing business as Amin Exchange), British Columbia
- Top PC Technician Inc, an affiliate of 1380079 BC Limited that also operates as Amin Exchange, Ontario
- NIA Nations Currency Ltd, British Columbia
- 2397639 Ontario Ltd (doing business as Farah Exchange), Ontario
- CCC Inc, Ontario
- B Galaxy Inc (doing business as Cryptoyal), Ontario
- Darvish Exchange, Ontario
CCC Inc and B Galaxy Inc are two Ontario companies operating at the same address.
Blockchain addresses listed by OFAC
OFAC listed six TRON addresses in the Specially Designated Nationals (SDN) entries for four of the eight designees. The other four designees listed no addresses.
- Amin Exchange, TRON: TLyRLCNwBhaXkYak1bTFUYTj72crbgN5Vy
- Amin Exchange, TRON: THauYJJEaFGLpEknoKnYmXmT5TCeQGKjDE
- Amin Exchange, TRON: TJT3JZKJWVHVkKRKSmWmg5UYHhAqBM7mfP
- Farah Exchange, TRON: TW5NEaaoPHXC1rt5PaYgG474gQ49oiZ2F5
- CCC Inc, TRON: TCreRMzGspdHNEkqkasejS6xTzqXNkYJJZ
- Million Exchange, TRON: TJHZswisiMgjioAVpmpMSWXCeQGCPjcTMK
What the blockchain shows
Million Exchange volume peaked in January 2026, then stopped
Million Exchange laundered drug proceeds for Wedding by buying digital assets with cash from drug sales. According to TRM analysis, the Million Exchange address listed in the designation received USD 120.7 million and sent USD 121.8 million between January 2025 and February 2026. Monthly volume averaged about USD 8.3 million in 2025 and reached USD 19.4 million in January 2026, more than double the 2025 average. In February it fell to USD 1.4 million, and the address has been nearly dormant since Wedding’s arrest in January 2026.
Most of the address's outflow passed through a single intermediary wallet. It received USD 48.8 million from the Million Exchange address between July 2025 and January 2026 and distributed USD 54.1 million to 121 addresses. Its last transfer was on January 26, 2026.
The designated businesses moved funds to each other and transacted with exchanges OFAC designated earlier in 2026:
Onchain activity shows the recently-designated businesses transacting heavily with one another and with previously sanctioned Iranian actors. Between June 2025 and August 2026, Amin Exchange, Million Exchange, and NIA Nations moved at least USD 1.9 million among themselves, while also exchanging roughly USD 678,000 with entities OFAC had already designated. Together, these flows total more than USD 2.5 million in observed transfers.
- Amin Exchange's OFAC-listed addresses sent the Million Exchange address USD 942,628 between October 1 and December 1, 2025
- NIA Nations sent Amin Exchange USD 968,342 in 21 transfers between June 30 and August 25, 2026
- On July 17, 2025, a single Shelbit address paid Amin Exchange and Farah Exchange within an hour
- Shelbit sent Amin Exchange's OFAC-listed addresses USD 311,250 between July and September 2025. Farah Exchange's OFAC-listed address received USD 76,439 from Shelbit in July 2025 and sent it USD 149,816 in January 2026
- Wallex received USD 29,689 from the Farah Exchange address in September 2025
- NIA Nations and Million Exchange made smaller transfers with Nobitex, Wallex, Bitpin, and Aban Tether during 2025
- Million Exchange received USD 100,765 from, and sent USD 9,995 to, an address OFAC listed for Iranian national Keyvan Fayyaz Gareh Blagh, whom OFAC designated under its cyber-related program on August 24, 2026
Each of these transfers took place before the Shelbit designation.
IRGC-linked and sanctioned counterparties
TRM analysis shows that CCC Inc received at least USD 300,000 from both the IRGC and Zedcex, a UK-registered digital asset exchange that OFAC designated in January 2026 for providing material support to the IRGC.
NIA Nations was still active
Addresses TRM attributes to NIA Nations moved about USD 20.6 million in each direction between January 2025 and early November 2026, roughly USD 1 million a month. The entity was still active in the days before the designation. According to TRM, NIA Nations transacted with sanctioned Iranian exchanges, including Nobitex, Ramzinex, Amin Exchange, Jamali Exchange, Bit Pin, Wallex . ir, and Payeer, as well as the IRGC.
Where this fits in Operation Economic Outcast
The designations follow two earlier rounds of Iran-related action against the digital asset sector. On June 2, 2026, OFAC designated the Iranian exchanges Nobitex, Wallex, Bitpin, and Ramzinex. On August 7, 2026, OFAC designated Aban Tether Exchange and SHPS Shelbit (Shelbit). The November action moves from Iran-based exchanges to businesses in Canada that OFAC alleges converted rials and other currencies into digital assets.
What compliance teams can do
- Screen counterparties and deposit addresses against the six listed addresses, and the TRM entities above, as part of sanctions screening
- Check for the names and aliases in the SDN entries, including Amin Exchange Vancouver, Sarafi Amin, Amin Exchange Toronto, Aminex Toronto, Farah Exchange, Cryptoyal, C Exchange, Ccurrency Exchange, Sarafi C, Parsis Exchange, Salam Exchange, Sarafi Capital, Million Exchange, Million Money Exchange, Millionex, Kanata MD Inc, and Canada Exchange.Several of the businesses have changed their names, according to OFAC.
- Review exposure to Canadian MSBs that convert cash or Iranian rials into digital assets
- Note that the SDN entries carry a secondary sanctions risk warning under Section 2 of E.O. 13902. OFAC points to its FAQ 1250 and FAQ 1257 on sanctions risk tied to Iranian digital asset exchanges.
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FAQs
1. What did OFAC designate on November 6, 2026?
Eight Canada-based MSBs, under E.O. 13902, for operating in the digital asset sector of the Iranian economy.
2. Which blockchain addresses did OFAC list?
Six TRON addresses for four of the eight designees. They appear in the table above.
3. Are all of OFAC's descriptions of the businesses proven?
They are OFAC's allegations. Blockchain intelligence can show that funds moved between addresses. It does not establish the knowledge or intent of any party.
4. Does the designation affect non-US companies?
OFAC said non-US persons are prohibited from causing US persons to violate US sanctions, and that financial institutions and other persons risk exposure to sanctions for certain transactions involving blocked persons.
5. How does TRM cover this designation?
TRM has attributed all six listed addresses and labeled the related entities as sanctions, and will add further addresses as they are found.
