Moreover, Washington has also moved to restrict cryptocurrency exchange MEXC Global from accessing the US financial system, according to Reuters news agency.
According to the US Department of the Treasury, the eight companies have been added to the sanctions list by the Office of Foreign Assets Control (OFAC). Their assets within US jurisdiction will be frozen, while American individuals and businesses will be prohibited from conducting financial transactions with them.
The sanctioned companies are reportedly based in Ontario and British Columbia. US authorities allege that they facilitated international financial transactions involving Iranian rial and other currencies, converting funds into digital assets to help move money connected to Iran.
Some of the alleged transactions were reportedly linked to digital wallets associated with Iran's Islamic Revolutionary Guard Corps (IRGC) and Iranian cryptocurrency exchanges already facing international sanctions.
The companies targeted by the measures include Million Exchange, Amin Exchange, NIA Nations Currency, Farah Exchange and Crypto Royal, among other financial service providers.
US officials have also alleged that some of these businesses facilitated the transfer of proceeds from illegal drug trafficking through digital assets.
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Separately, the US Treasury Department's Financial Crimes Enforcement Network (FinCEN) has issued an order targeting cryptocurrency exchange MEXC Global. The measure is intended to prevent US financial institutions from processing certain transactions involving the platform.
According to US authorities, MEXC Global facilitated at least $16 billion in suspicious and allegedly illicit financial transactions between May 2021 and May 2026.
The transactions reportedly involved activities linked to sanctions evasion by Iran, North Korea and Russia, as well as cybercrime and other suspected financial offences.
US officials further alleged that the platform processed approximately $1 billion in direct transactions with Iranian cryptocurrency exchanges. Transactions involving Iran's central bank and the Islamic Revolutionary Guard Corps were also identified in the authorities' findings.
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The US Treasury Department said the latest measures aim to restrict Iran's ability to use digital currencies and financial networks to circumvent international sanctions and facilitate illicit financial activities.
The sanctions are part of Washington's broader Operation Economic Outcast, launched in August 2026, which targets Iran's financial resources, cryptocurrency networks and alternative channels for international financial transactions.