US Sanctions Eight Canadian Exchange Firms Over Iran Links and Offers $20 Million Nuclear Reward

Washington has hit eight Canadian money service companies with financial sanctions, saying they dealt with Iranian entities already under restrictions. According to a Treasury statement released Friday, the firms helped customers swap Iranian rials and other currencies for digital assets, which made cross border payments possible. They also handled transactions with sanctioned Iranian crypto exchanges and with wallet addresses tied to the Islamic Revolutionary Guard Corps. The designations cut the companies off from the dollar based financial system, and officials noted that some of them changed names and addresses to avoid detection. Canada’s financial intelligence unit, FINTRAC, coordinated on the action.

Bessent’s Warning and the Wider Iran Campaign

Canada No Safe Haven

Treasury Secretary Scott Bessent said Canada must not become a refuge for facilitators who help Tehran and its proxies dodge sanctions, adding that Treasury will chase Iran’s financial channels worldwide. The move follows August actions against crypto exchanges that moved money to the IRGC, when Bessent promised more pressure on networks funding the regime in dollars, rials or crypto. Treasury describes the effort as a push to stop Iran from using digital assets to pay for terrorism, human rights abuses and attacks on American personnel and allies.

$20 Million Reward for Iran Nuclear Information

In a separate step, the Rewards for Justice program is offering up to $20 million, plus possible relocation, for tips on Iran’s nuclear program, including its facilities, equipment and personnel. The statement says Iran’s failure to comply with International Atomic Energy Agency safeguards has left the agency without continuity of knowledge over its enriched uranium and centrifuge production.