The U.S. Treasury Department sanctioned eight Canadian currency dealers on November 6 for facilitating transactions with Iranian cryptocurrency exchanges. These dealers, including entities like Amin Exchange and Darvish Exchange, were linked to exchanges previously sanctioned in June and August, such as Shelbit, Nobitex, and Wallex.
Simultaneously, FinCEN issued a transfer ban against the offshore exchange MEXC Global. This order prohibits U.S. financial institutions from sending or receiving funds from the exchange, covering both conventional currency and convertible virtual assets. The measure takes effect 30 days after its publication in the Federal Register.
Financial institutions face significant regulatory hurdles regarding digital assets. A PYMNTS Intelligence report from September indicated that 41% of U.S. credit union executives view regulatory permissibility as a primary barrier to crypto engagement, while 52% expressed concerns over cybersecurity and fraud risks.
Regulators also adjusted recordkeeping requirements. On November 9, FinCEN and the Federal Reserve withdrew a 2020 proposal that aimed to lower the threshold for tracking international transfers from $3,000 to $250. Agencies cited the evolving crypto market as a reason for requiring further public comment before implementing such changes.
