OFAC sanctions eight Canadian money services businesses

Eight Canadian money services businesses were designated by the U.S. Treasury’s Office of Foreign Assets Control (OFAC) under Operation Economic Outcast. OFAC accused them of supporting Iran’s government.

The action places all eight businesses on OFAC’s Specially Designated Nationals (SDN) list. OFAC also listed multiple associated addresses on the TRON network, extending its action beyond company names to blockchain identifiers.

Businesses in the designation

Among the businesses named in the action were:

• Nia Nations Currency (NNCE)
• Diverse Trade Inc., also known as Million Exchange and MillionEx
• Amin Exchange
• Farah Exchange
• Darvish Exchange

OFAC designated all eight, not only the five identities highlighted above. The aliases matter during screening. Nia Nations Currency can carry NNCE, while Diverse Trade Inc. can appear as Million Exchange or MillionEx. A shortened corporate name does not remove the SDN exposure.

The case ZachXBT outlined

In June, blockchain investigator ZachXBT urged the U.S. Treasury to sanction Canadian Iranian over-the-counter traders he believed criminals had exploited.

He said in a Telegram post that he had made the appeal to Treasury. His June post on X called for “action against the traders” and named Nia Nations and Million Exchange. Both businesses later appeared in OFAC’s designation.

ZachXBT alleged the businesses had been “used to launder crypto tied to recent violent home invasions and extortion cases.” Those criminal claims were his allegations. OFAC’s stated basis for the sanctions was support for Iran’s government.

The sequence matters. ZachXBT supplied names and allegations before the action. OFAC supplied the sanctions consequence, while the announcement did not convert the underlying claims into a court judgment.

What does this change for banks and crypto platforms?

SDN status brings immediate U.S. sanctions restrictions. U.S. persons generally cannot deal in property or interests in property in which a designated person has an interest, and must block covered property under their possession or control.

For the businesses named, counterparty screening becomes the first operational issue. Banks, processors and crypto platforms serving U.S. customers now need to identify any relationship with the designated firms.

The TRON listings add a second screening layer. Exchanges, custodians and payment processors must compare deposit and withdrawal addresses with OFAC’s list, including transfers that pass through another service provider.

Transfers involving blocked property require blocking or authorization under OFAC rules. That creates a compliance stop for any business still processing the relationships.

At the same time, an SDN listing does not establish that every customer participated in wrongdoing. It requires institutions to separate ordinary activity from blocked property and authorized exceptions.

For customers, the practical distinction is simple. A listed company name or wallet creates a review point; it does not make every transaction unlawful. Ownership, control and authorization determine whether funds can move.

The five disclosed identities and multiple TRON addresses give compliance teams concrete markers. OFAC’s full list remains the controlling reference for all eight businesses.

For businesses still serving the named firms, compliance teams must map customer relationships and identify covered transfers before processing more funds. That work now sits at the front of payment and settlement operations.

The immediate enforcement window is operational. Banks, exchanges and other U.S.-linked intermediaries must screen the newly designated firms and TRON addresses and block covered transfers unless OFAC authorizes them.