U.S. Sanctions 8 Canadian Companies Involved in Digital Asset Transactions Related to Iran

TechFlow reported on November 7 that, according to a U.S. Treasury announcement, its Office of Foreign Assets Control (OFAC) sanctioned 8 Canadian money service businesses on November 6, stating that these businesses exchanged Iranian rials and other currencies for digital assets to facilitate international transactions involving Iran.

The Treasury said several of these businesses had conducted transactions with sanctioned Iranian digital asset exchanges and addresses associated with Iran's Islamic Revolutionary Guard Corps. This action was taken pursuant to Executive Order 13902 and targets these businesses' activities in the digital asset sector of Iran's economy.

Source: TechFlow