EconomyUnited States

US sanctions eight Canadian firms and a crypto exchange over Iran links

The US Treasury put new Iran-related sanctions on eight Canadian money services firms and cut a crypto exchange off from US banks. President Donald Trump said talks with Iran are going well.

Illustration: A heavy padlock clamped shut across a chain of linked coins and a small shipping container, with a single scarlet seal pressed over the lock.
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On Friday, the US Treasury Department announced sanctions against eight Canadian companies that transfer money for clients. Such firms are known as money services businesses. The Treasury says they helped process payments for Iranian entities that were already on the sanctions list.

The penalties cut the firms off from the dollar-based financial system. Any assets they hold in the United States are blocked. Anyone in the US, whether a person or an organization, is barred from doing business with them.

Illustration: A row of small storefront money transfer counters seen from across a street at dusk, each with a scarlet chain drawn across its shutter.
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The Treasury took another step the same day. It cut MEXC Global off from US banks. The exchange trades digital currencies and is registered in the Seychelles. The department says it handled at least $16 billion in unlawful transactions linked to Iran, North Korea and Russia, helping those countries evade sanctions.

Illustration: A large digital coin cut off from a bridge, its two halves hanging apart over a dark gap, shown from above.
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A day earlier, the Treasury sanctioned companies and individuals in India and Turkey. It accused them of helping Iran evade limits on its oil exports and its airlines. Treasury Secretary Scott Bessent said that day that Washington would keep pursuing anyone who supports Tehran.

In numbers

8Canadian firms sanctioned
$16 billionMEXC illegal transactions, at least

President Donald Trump spoke about Iran on Friday as the sanctions were announced. He said his administration was in talks with Iranian representatives and that the US was doing very well with Iran. The steps show that sanctions enforcement is continuing alongside the talks.

We are doing very well with Iran.

Donald Trump, US President

Who is who

  • Donald TrumpUS President
  • Scott BessentUS Treasury Secretary

Background

Sanctions that block assets and bar dealings with US persons effectively shut a firm out of the dollar-based financial system.

Where
United States
Published
Section
Economy

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