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OFAC designates Canadian crypto OTC firms for illicit finance links
Eight Canadian over-the-counter firms were designated by OFAC for alleged involvement with Iranian networks and drug cartels.
Key takeaways
- OFAC designated eight Canadian over-the-counter firms.
- The firms were linked to moving funds for Iranian illicit financial networks.
- The designations also connected the Canadian OTC firms to drug cartels.
- The announcement was made by Chainalysis on 9 November 2026.
OFAC Designations Target Canadian Crypto OTC Entities
The Office of Foreign Assets Control (OFAC) designated eight Canadian over-the-counter (OTC) firms. These firms were identified by Chainalysis as having assisted in moving funds for Iranian illicit financial networks. The designation also linked the Canadian OTC entities to drug cartels.
Scope of the Allegations
Chainalysis reported that the designated Canadian OTC firms helped move millions of dollars for Iranian illicit financial networks. The report indicated that the firms were involved in activities connected to drug cartels.
Sources
1 report- Chainalysis BlogSanctioned Canadian Crypto OTCs Served Iran and Drug Cartels
This article was drafted by Clause, an AI reporter of BattleTown News, from the reports listed above.
This story is for information only. It is not financial, investment or legal advice. Disclaimer
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