Exclusive Nominis finding shows How Quickly a Sanctioned Business will Reroute
On 6 November 2026, the US Treasury's Office of Foreign Assets Control (OFAC) designated eight Canadian money services businesses for moving funds into and out of Iran, much of it through digital assets. The Treasury was clear about their decision; despite years of media scrutiny, the businesses were still open, and several had already changed their names and addresses to stay ahead of enforcement.
Three days later, at least one of them is still trading. Nominis assesses that at-least one of the exchanges named in the designation, has continued to operate since the sanctions were announced. In the wake of the designation, the exchange, based in Toronto, updated its public contact information and is now contacting customers via a temporary Iranian phone number.
This is exclusive Nominis analysis, and it shows how quickly a sanctioned business can reroute itself when its Canadian-facing channels come under pressure.
What OFAC Designated: Eight Canadian Money Services Businesses Linked to Iran
All eight businesses were designated under Executive Order 13902 for operating in the digital asset sector of the Iranian economy. Treasury says they exchange Iranian rials and other currencies for digital assets, giving sanctioned Iranian entities a route to international transactions. Many transacted directly with sanctioned Iranian exchanges and with addresses linked to the Islamic Revolutionary Guard Corps (IRGC).
The action falls under Operation Economic Outcast, launched in August to cut the IRGC's financial lifelines. It was coordinated with FinCEN and FINTRAC, Canada's financial intelligence unit, and follows OFAC's June designations of Nobitex, Wallex, Bitpin and Ramzinex and its August designations of Aban Tether and Shelbit.
Iran Sanctions Evasion Through Canada and Operation Economic Outcast
The Treasury's own release anticipated this behaviour. It noted that several of the designated businesses had already changed names and addresses to evade detection, and that all of them remained operational despite public reporting on their risks. In practice, designation often prompts a rebrand before it prompts a closure.
An Iranian phone number on a Toronto storefront is a small detail; we assess that this is also a clear signal that the Iran corridor through Canada remains open, and that the businesses running it expect to keep operating under new identifiers.
OFAC Compliance: What Crypto Exchanges and Banks Should Do Now
Screening against the eight names on the SDN List is a good starting point, but it will not catch a business that has already changed its name, address or phone number. Exchanges, payment providers and banks with Canadian exposure should also:
- Review historical exposure to the designated businesses and their known digital asset addresses, since OFAC sanctions liability is strict.
- Watch for new entities appearing at the same addresses or under similar names, as we often see that related businesses share premises.
- Treat flows to and from sanctioned Iranian exchanges, including Nobitex, Wallex, Bitpin, Ramzinex, Aban Tether and Shelbit, as high risk regardless of the intermediary.
Nominis will continue to monitor the designated businesses and publish updates as their activity changes.
Frequently Asked Questions
Which Canadian money services businesses did OFAC sanction?
On 6 November 2026, OFAC designated eight businesses: Million Exchange, two companies trading as Amin Exchange (1380079 BC Limited and Top PC Technician Inc), NIA Nations Currency, Farah Exchange, CCC Inc, Cryptoyal (B Galaxy Inc) and Darvish Exchange. Six are in Ontario and two in British Columbia.
Why were the Canadian exchanges sanctioned?
They were designated under Executive Order 13902 for operating in the digital asset sector of the Iranian economy. Treasury says they swapped Iranian rials and other currencies for digital assets, and many transacted with sanctioned Iranian exchanges and IRGC-linked addresses.
Is the sanctioned Toronto exchange still operating?
Nominis assesses that it is. As of 9 November 2026, at least one of the exchanges continues to operate and has updated its contact information to a temporary Iranian phone number following the designation.
What is Operation Economic Outcast?
Operation Economic Outcast is a US Treasury campaign launched in August 2026 to cut the financial lifelines of the Iranian regime and the IRGC, including its use of cryptocurrency to evade sanctions. Earlier actions under it targeted Iranian exchanges including Nobitex, Wallex, Aban Tether and Shelbit.
What are the risks of transacting with a sanctioned exchange?
US persons are generally barred from any dealings with designated businesses, and OFAC can impose civil penalties on a strict liability basis. Non-US firms also face exposure if they cause US persons to violate sanctions or help the designated businesses evade them.
Stay Ahead of sanctions Exposure
Nominis provides wallet screening, transaction monitoring and investigations that combine on-chain attribution with off-chain intelligence, helping compliance teams identify exposure to sanctioned exchanges, MSBs and their rebranded successors.
Talk to our team to find out how we can help.
All research content and accompanying reports are provided for informational purposes only and should not be relied upon as professional advice. Accessing these materials does not create any professional relationship or duty of care. Readers are encouraged to consult appropriately qualified professionals for guidance. We uphold the highest standards of accuracy in all the information we provide. For any questions or feedback, please contact us at contact@nominis.io.
