OFAC Sanctions Eight Canadian Money Services Firms That Swapped Rials for Crypto

Eight Canadian money services businesses lost their footing in the U.S. financial system on Nov. 6, when the Treasury Department’s Office of Foreign Assets Control designated them for converting Iranian rials into digital assets for the Islamic Revolutionary Guard Corps, sanctioned Iranian exchanges and drug trafficking networks. Six of the eight are Ontario companies. Two are based in British Columbia. All eight are blocked under Executive Order 13902, the authority Treasury uses against the Iranian digital asset sector.

Source: Blockchain Reporter