Edition November 11, 2026

Sanctioned Canadian Crypto OTCs Served Iran and Drug Cartels

The U.S. Treasury’s OFAC has sanctioned eight Canadian over-the-counter money-service businesses, saying they facilitated financial dealings for Iran’s regime.

Transfers attributed to these OTCs included more than $8.8 million for the Ryan Wedding Criminal Enterprise and over $2.5 million to money-laundering wallets linked to other cartels. The reported laundering route involved couriers taking bulk cash to exchange businesses, which converted it into digital assets before transferring the funds overseas.

This summary is based on the available full source text. Summary prepared with AI assistance. The original source is authoritative.