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FinCEN Issues Order Prohibiting U.S. Financial Institutions from Transactions with MEXC Global

FinCEN Issues Order Prohibiting U.S. Financial Institutions from Transactions with MEXC Global

FinCEN Issues Order Prohibiting U.S. Financial Institutions from Transactions with MEXC Global
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US Treasury Sanctions Eight Canadian Firms Over Alleged Iran Sanctions Evasion and Drug Trafficking Ties

US Treasury Sanctions Eight Canadian Firms Over Alleged Iran Sanctions Evasion and Drug Trafficking Ties

The United States Treasury Department has imposed sanctions on eight Canadian currency-exchange businesses, accusing them of facilitating transactions for sanctioned Iranian entities and engaging in money laundering. These measures are part of the Treasury's 'Operation Economic Outcast,' aimed at disrupting financial networks supporting the Iranian regime. The sanctioned firms, located in Ontario and British Columbia, include Million Exchange, Amin Exchange, and Cryptoyal. According to US Treasury Secretary Scott Bessent, Canada should not serve as a safe haven for illicit financial facilitators aiding the Iranian regime and its proxies. The Treasury also stated that some of these businesses converted Iranian rials and other currencies into digital assets like cryptocurrency and assisted an alleged head of a drug trafficking ring. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) confirmed its collaboration with the US Financial Crimes Enforcement Network (FinCEN) in this action, e...
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OFAC Sanctions Eight Canadian Money Services Businesses for Facilitating Iranian Digital Asset Transactions and Drug Laundering

OFAC Sanctions Eight Canadian Money Services Businesses for Facilitating Iranian Digital Asset Transactions and Drug Laundering

On November 6, 2026, the U.S. Office of Foreign Assets Control (OFAC) designated eight Canada-based money services businesses (MSBs) under Executive Order (E.O.) 13902. These businesses are accused of operating in the digital asset sector of the Iranian economy. OFAC alleges that many of these MSBs facilitated transactions with sanctioned Iranian digital asset exchanges and entities linked to the Islamic Revolutionary Guard Corps (IRGC). Additionally, several of the designated businesses reportedly worked with OFAC-sanctioned drug trafficker Ryan Wedding to launder drug proceeds. The designated entities include Diverse Trade Inc (Million Exchange), 1380079 BC Limited (Amin Exchange), Top PC Technician Inc, NIA Nations Currency Ltd, 2397639 Ontario Ltd (Farah Exchange), CCC Inc, B Galaxy Inc (Cryptoyal), and Darvish Exchange. OFAC also listed six TRON blockchain addresses associated with four of these designees, providing specific details on transaction volumes and connections to previously sanctioned entit...
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North Korea's Binance Hack Raises Global Financial Security Concerns

North Korea's Binance Hack Raises Global Financial Security Concerns

North Korea's recent hack of Binance, the world's largest cryptocurrency exchange, has raised significant global financial security concerns. Cybersecurity experts highlight the unprecedented speed of both the attack and the subsequent movement of stolen assets through financial networks. Michael Barnhart, lead nation-state threat researcher at DTEX, noted that the stolen funds were transferred to Chinese money launderers within minutes. Over $6.3 billion in virtual assets were stolen, with approximately $2.8 billion frozen before full laundering. However, $3.5 billion remains in circulation, making recovery difficult due to increasingly complex laundering methods, including tens of thousands of automated transactions. Nick Carlsen, a senior investigator at TRM Labs and former FBI intelligence analyst, emphasized the unprecedented speed and scale of the industry's response in freezing assets. Analysts point out that North Korea's cyber operations are primarily financially motivated, unlike Russia and China...
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FinCEN Cuts Off MEXC Global's Access to U.S. Financial System Over Illicit Finance Facilitation

FinCEN Cuts Off MEXC Global's Access to U.S. Financial System Over Illicit Finance Facilitation

FinCEN Cuts Off MEXC Global's Access to U.S. Financial System Over Illicit Finance Facilitation
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Bank Policy Institute Urges Treasury to Close Digital Asset Illicit Finance Gaps

Bank Policy Institute Urges Treasury to Close Digital Asset Illicit Finance Gaps

Bank Policy Institute Urges Treasury to Close Digital Asset Illicit Finance Gaps
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US Treasury sanctions Canadian money services firms over Iran-related transactions

US Treasury sanctions Canadian money services firms over Iran-related transactions

WASHINGTON, Nov 6 (Reuters) - The US Treasury said on Friday that it had imposed financial sanctions on eight money services firms based in Canada that it alleges have facilitated transactions with sanctioned Iranian entities.
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US Treasury Sanctions Eight Canadian Firms Over Iran Cryptocurrency Dealings

US Treasury Sanctions Eight Canadian Firms Over Iran Cryptocurrency Dealings

US Treasury Sanctions Eight Canadian Firms Over Iran Cryptocurrency Dealings
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Financial Action Task Force Maintains North Korea on Blacklist, Urges Countermeasures Against Weapons Financing

Financial Action Task Force Maintains North Korea on Blacklist, Urges Countermeasures Against Weapons Financing

The Financial Action Task Force (FATF), a leading financial crime watchdog, has kept North Korea on its list of high-risk countries for the 16th consecutive year. In its latest "call for action" update, the FATF urged countries to implement countermeasures, the strongest level of action, due to Pyongyang’s ongoing efforts to finance its weapons programs. The FATF expressed concern over North Korea’s failure to address deficiencies in its anti-money laundering and counter-terrorist financing systems, and the serious threats posed by its illicit weapons-related activities. The U.S. Justice Department recently reported that North Korean IT workers used stolen or fabricated identities to secure remote jobs at over 70 U.S. companies, generating approximately $3 million, which is believed to have been transferred to North Korean-controlled entities subject to U.S. sanctions.
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U.S. Treasury Proposes Expanded Outbound Investment Security Regulations Under COINS Act

U.S. Treasury Proposes Expanded Outbound Investment Security Regulations Under COINS Act

U.S. Treasury Proposes Expanded Outbound Investment Security Regulations Under COINS Act
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Financial Action Task Force Blacklists North Korea for 16th Consecutive Year, Urges Countermeasures

Financial Action Task Force Blacklists North Korea for 16th Consecutive Year, Urges Countermeasures

The Financial Action Task Force (FATF), a leading financial crime watchdog, has maintained North Korea on its list of high-risk countries for the 16th consecutive year. The FATF announced this decision on October 30, following its plenary meeting in Paris, and urged countries to implement countermeasures against Pyongyang. These countermeasures include cutting ties with North Korean banks, closing their branches and subsidiaries, and limiting dealings with North Korean individuals and companies. The FATF expressed concern that North Korea has 'increased its connectivity with the international financial system,' potentially heightening the risk of financing weapons of mass destruction. The U.S. Justice Department recently reported that North Korean IT workers used stolen or fabricated identities to secure remote jobs at over 70 U.S. companies, generating approximately $3 million, with earnings transferred to North Korean-controlled entities subject to U.S. sanctions.
ReutersReuters
Analysis-Trump could woo North Korea after midterm setback, but Kim may not respond

Analysis-Trump could woo North Korea after midterm setback, but Kim may not respond

By Brenda Goh, Tamiyuki Kihara and David Brunnstrom SEOUL/TOKYO/WASHINGTON, Nov 6 (Reuters) - The rebuke President Donald Trump suffered in the US midterm elections could prompt him to step up efforts to re-engage North Korea, but any willingness to make major concessions risks creating friction