Million Exchange and Darvish Exchange, both on Yonge Street, are among eight Canadian businesses targeted over cryptocurrency transactions linked to Iran and organized crime.
By Staff Writer | November 7, 2026
Two currency exchange businesses with addresses in downtown Richmond Hill have been placed on a U.S. sanctions list over alleged financial dealings involving Iran’s Islamic Revolutionary Guard Corps (IRGC) and international criminal networks.
The U.S. Treasury Department announced the sanctions on Friday, November 6, targeting eight Canadian money services businesses.
Among them are Million Exchange, operated by Diverse Trade Inc. at 10097 Yonge Street, and Darvish Exchange, listed at 10144 Yonge Street. Both Richmond Hill addresses appear on the official U.S. sanctions list.
According to the Treasury Department, cryptocurrency addresses associated with Million Exchange transferred hundreds of thousands of dollars to addresses linked to the IRGC or other terrorism-related entities.
The department also alleges that Million Exchange helped launder drug proceeds connected to Ryan Wedding, the former Canadian Olympic snowboarder accused of leading a major international drug-trafficking operation.
Darvish Exchange, meanwhile, was sanctioned over cryptocurrency transactions involving several Iranian exchanges already subject to U.S. restrictions.
From investigation to sanctions
In March, Strong Richmond Hill reported on the growing concentration of cryptocurrency exchanges along Yonge Street, following an investigation by the Toronto Star and the International Consortium of Investigative Journalists.
That investigation identified a cryptocurrency wallet associated with Million Exchange that had processed more than $200 million in transactions, including transfers reportedly linked to the IRGC.
The latest U.S. action takes those concerns beyond investigative reporting into formal financial sanctions.
The measures block assets under U.S. jurisdiction and generally prohibit transactions involving the designated businesses and U.S. persons. The sanctions do not, by themselves, constitute criminal convictions or orders to close the businesses in Canada.
Canada’s financial intelligence agency, FINTRAC, confirmed that it coordinated with U.S. authorities on the sanctions. It has not publicly disclosed whether either Richmond Hill business faces separate Canadian enforcement measures.
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