The Trump administration is expanding its economic pressure on Iran by targeting financial businesses operating outside the country's borders, announcing sanctions Friday, November 6, against eight Canadian companies accused of involvement in financial networks linked to Tehran.

The Treasury Department's Office of Foreign Assets Control (OFAC) identified the businesses as operating in Toronto, Vancouver, Montreal, and surrounding communities. The companies include 1380079 BC Ltd., Top PC Technician Inc., 2397639 Ontario Ltd., B Galaxy Inc., CCC Inc., Darvish Exchange, Diverse Trade Inc., and Nia Nations Currency Ltd.

Several of the firms operate under names such as Amin Exchange, Farah Exchange, C Exchange, Million Exchange, and Nia Exchange. The Treasury Department's designations place them on its Specially Designated Nationals list, subjecting them to restrictions under Executive Order 13902.

The consequences extend beyond the companies themselves. Their assets and financial interests under U.S. jurisdiction are generally frozen, and American businesses are prohibited from conducting unauthorized transactions with them. Foreign financial institutions could also face secondary sanctions for certain dealings involving the designated firms.

The Treasury Department also identified cryptocurrency addresses associated with the businesses, pointing to the use of digital assets in the financial networks Washington is seeking to disrupt. Officials did not disclose specific transaction amounts or provide details establishing the extent of each company's alleged involvement with Iran.

The sanctions come as the administration increasingly focuses on the financial infrastructure Tehran uses to maintain international economic connections despite American restrictions. Iranian shadow banking networks have relied on currency exchanges, overseas front companies, and digital assets to move money through channels connected to sanctioned financial institutions and businesses.

One operation previously singled out by Treasury is an Iran-based currency exchange also known as Amin Exchange. Officials have accused that operation of facilitating hundreds of millions of dollars in transactions for sanctioned Iranian entities, including banks and petrochemical exporters such as the National Iranian Oil Company.

The shared business name raises questions about possible connections, but Treasury's latest announcement did not establish that the Canadian companies operating as Amin Exchange are affiliated with the separate Iran-based operation.

Friday's action is part of a wider effort that has also targeted Iran's maritime and military procurement networks. On Wednesday, Treasury announced additional sanctions against entities accused of supporting Iranian maritime operations, facilitating fraudulent ship registrations, and attempting to acquire portable air-defense systems.

The administration has grouped its pressure campaign under Operation Economic Outcast, which seeks to limit Tehran's ability to access international financial services, conduct commerce, and support activities targeted by U.S. sanctions.

Treasury Secretary Scott Bessent reinforced that message Wednesday, warning that foreign businesses and individuals would face consequences for continuing to support the Iranian government.

"As we have said many times, under Operation Economic Outcast, you are either with us or against us," Bessent said.

"We know where you are, and we will sanction those who continue supporting the Iranian regime, whether by land, sea, or air."