Treasury Sanctions Eight Canadian Crypto Firms Over Iran

The U.S. Treasury sanctioned eight Canada-based money-service businesses on November 6, accusing them of converting cash and Iranian rials into cryptocurrency and funneling it to five already-sanctioned Iranian exchanges, including Nobitex, Wallex and Bitpin. OFAC says the same network laundered proceeds for a sanctioned drug trafficker, blending Iran's crypto sanctions-evasion corridor with ordinary money laundering. The action adds to a year of US pressure on crypto ($BTC) as a workaround for sanctioned regimes, narrowing the path between Western storefronts and Tehran's digital-asset economy.