The U.S. Treasury Department has imposed sanctions on eight Canadian financial companies for facilitating Iran's evasion of sanctions. According to the department, these firms converted Iranian rials and other currencies into digital assets, enabling cross-border transactions. Certain crypto addresses associated with these companies interacted with wallets linked to Iran's Islamic Revolutionary Guard Corps (IRGC) and sanctioned Iranian exchanges such as Nobitex, Wallex, and Bitpin. Additionally, several firms are accused of laundering drug trafficking proceeds through cryptocurrencies.