Customers File Lawsuits Against VanEx Currency Exchange Amid Claims

Customers of VanEx Currency Exchange, a company based in Coquitlam, British Columbia, have initiated lawsuits and filed complaints alleging they are owed substantial sums of money. The business specializes in currency transfers between Canada and Iran, and the situation has garnered attention from the Coquitlam RCMP, which is currently investigating the claims.

In recent months, at least eight clients have filed small claims lawsuits against VanEx. Many customers assert they are owed larger amounts, prompting them to confront the company’s president, Pouria Emadi, during a meeting last week. Emadi stated that VanEx is cooperating with law enforcement and is working towards repaying all outstanding debts by July 2026. He attributed the company’s struggles to internal disputes among the founders and ongoing unrest in Iran, which he described as “operational challenges.”

Among the dissatisfied customers is Sharereh Momeni, who expressed her distress over potentially losing $7,600. This amount represents her hard-earned savings from three months of work at a campground in Clearwater, B.C. Momeni borrowed money in Tehran to facilitate her move to Canada, and she has since filed a lawsuit against VanEx. In her words, “I was so sad. I lived and worked too hard to save money and just pay back my loan to my hometown.”

Legal disputes have plagued VanEx since its inception in 2019. The founders established the company to ease money transfers between Iran and Canada, a process complicated by U.S. sanctions that restrict Iran’s access to Western financial systems. Customers have also approached the B.C. Financial Services Authority (BCFSA), which confirmed it is reviewing the complaints. BCFSA indicated that a new law, the Money Services Businesses Act (MSBA), enacted in 2023, would eventually regulate the industry, but details are still being finalized.

According to court documents, VanEx expanded from one employee to 14 over five years, achieving revenues exceeding $1.7 million in 2023. However, Emadi claimed that disagreements with his co-founder rendered the company “deadlocked, paralyzed, and unable to function.” This led to a court order for a “shotgun sale,” compelling one partner to buy the shares of the other.

Despite these internal disputes, customer claims have continued to rise. Masoud Ghorbani, another claimant, reported transferring approximately $21,009 CAD from Iran in early November, yet he has only received $6,009 to date. He noted that during his visits to the Coquitlam branch, he witnessed numerous other customers facing similar issues. In his statement, Ghorbani indicated that Emadi admitted the company had suffered losses of about $700,000 CAD.

Ghorbani, who has resided in Canada since 2020, expressed his frustration with the lack of action from regulatory bodies. He criticized the BCFSA, stating that while the government continues to develop regulations, victims like himself are left without support. He remarked, “The reality is that victims are left alone while the government process moves slowly.”

Another customer, Pouya Taatizadeh, a hardware engineer for Meta, claims VanEx owes him over $67,000 USD from a transaction intended to facilitate a money transfer from Tehran to his father’s account in Canada. Taatizadeh shared emails he exchanged with VanEx, which included apologies for his “unpleasant experience.” He emphasized, “We dealt with a business. We were given some promises, and that promise has not been fulfilled.”

As of now, VanEx has begun to address some of the complaints. The most recent lawsuit against the company alleges a repayment of $35,000 for a loan made in October. In response to several lawsuits, VanEx has argued that some claims should be filed in Iran, while others are described as “friend and family loans.” The company has proposed a repayment schedule beginning in September 2026, which has raised further concerns among customers.

Emadi communicated via email that VanEx is taking steps to stabilize its operations and gradually repay customers. He noted a meeting held on January 16, 2026, where customers were informed of upcoming repayments, with a second round scheduled for February 2026 and final payments by July 2026.

The ongoing situation has created significant anxiety among VanEx’s clients, many of whom are seeking resolutions to their claims. As regulatory frameworks continue to evolve, the future of VanEx and its customers remains uncertain. The B.C. Ministry of Finance has advised individuals to pursue legal action or report issues to law enforcement, but many clients feel abandoned as they await a resolution to their financial concerns.