Washington says several firms also handled transactions connected to Wedding’s alleged drug network
U.S. sanctions eight Canadian money firms, alleges links to Iran and Thunder Bay-born Ryan Wedding
Thunder Bay – National News Service — The United States has sanctioned eight Canadian money-service businesses over alleged links to Iranian sanctions evasion, terrorist financing and drug proceeds, including transactions associated with Thunder Bay-born former Olympic snowboarder Ryan Wedding.
The U.S. Treasury Department announced the designations Friday under an executive order targeting Iran’s digital-asset sector. FINTRAC, Canada’s financial intelligence agency, confirmed that it coordinated with the U.S. Office of Foreign Assets Control and the Financial Crimes Enforcement Network.
Treasury says several of the businesses also handled money or digital assets associated with Wedding, who is in U.S. custody awaiting trial on drug-trafficking, murder and attempted-murder charges.
No new charge against Wedding was announced with Friday’s sanctions. The allegations against the businesses have not been tested in court, and the sanctions are administrative designations rather than criminal convictions.
Eight firms in Ontario and British Columbia
The U.S. list names Diverse Trade Inc., doing business as Million Exchange; 1380079 BC Limited; Top PC Technician Inc.; NIA Nations Currency Ltd.; 2397639 Ontario Ltd., doing business as Farah Exchange; CCC Inc.; B Galaxy Inc.; and Darvish Exchange.
Washington alleges the companies exchanged Iranian currency for digital assets or conducted transactions with cryptocurrency addresses connected to sanctioned Iranian exchanges, Iran’s Islamic Revolutionary Guard Corps or other prohibited actors.
All eight businesses were designated under Executive Order 13902 for allegedly operating in Iran’s digital-asset sector.
Treasury also alleges that some of the businesses handled transactions connected to Wedding’s drug organization
The department says Wedding used Million Exchange to convert cash generated through drug sales into digital assets that could be sent abroad.
It also alleges that Amin Exchange laundered drug proceeds for Wedding through locations in Vancouver and other Canadian cities. British Columbia-based 1380079 BC Limited and Ontario-based Top PC Technician Inc. are described by Treasury as closely associated businesses operating under the Amin Exchange name.
Farah Exchange allegedly sent millions of dollars in digital assets to addresses associated with Wedding, according to Treasury.
Those are U.S. government allegations. The Treasury release did not say that all eight businesses had dealings with Wedding.
From Thunder Bay to the Olympics
Wedding, 45, was born in Thunder Bay and later moved to British Columbia. He competed for Canada in snowboarding at the 2002 Winter Olympics in Salt Lake City.
He finished 24th in the men’s parallel giant slalom. His career included events on the World Cup and North American circuits.
Wedding later became involved in cocaine trafficking. He was convicted in the United States in 2009 of conspiracy to distribute cocaine after becoming involved in an attempted purchase of 24 kilograms of the drug from a U.S. government agent.
He was sentenced to four years in federal prison in 2010 and was released in 2011.
That conviction is separate from the much more serious charges he now faces.
Current charges remain before the courts
U.S. prosecutors allege Wedding later led a transnational organization that moved large quantities of cocaine from Colombia through Mexico and Southern California for distribution in Canada and the United States.
He has been charged with operating a continuing criminal enterprise, drug trafficking, murder, attempted murder, witness tampering and related offences. Prosecutors allege the organization ordered killings to protect its operations and retaliate against rivals and potential witnesses.
Wedding was added to the FBI’s Ten Most Wanted Fugitives list in March 2025. He was apprehended in Mexico in January 2026 and transferred to the United States.
He pleaded not guilty after his arrest. The U.S. Justice Department said this week that Wedding remains in federal custody and is scheduled for two trials in 2027.
The current charges are allegations and have not been proven in court.
Treasury had already sanctioned Wedding and members of his alleged network in November 2025 under a separate executive order targeting international drug trafficking.
Friday’s action does not charge Wedding again. Instead, Treasury is citing his alleged transactions as additional evidence of the wider illicit-finance risks it says were associated with several of the Canadian money-service businesses.
Canadian enforcement questions remain
FINTRAC did not disclose whether it has taken compliance action against any of the eight businesses. Canadian law restricts what the agency can reveal unless it publishes a notice imposing an administrative monetary penalty.
The agency said it has revoked 161 money-service business registrations since the beginning of 2026, more than during the previous three years combined.
FINTRAC also said nine businesses received more than $198 million in administrative penalties over the past year. Twenty-eight cases of alleged non-compliance were disclosed to law-enforcement agencies.
Those figures cover the wider money-service sector. They should not be interpreted as findings against each of the eight businesses sanctioned by the United States.
The next questions are whether Canadian authorities announce charges, penalties or registration decisions, whether any of the businesses challenge their designation, and whether the alleged financial links become evidence in Wedding’s pending criminal trials.
