Two UK-Registered Companies Moved $1B in Stablecoins for Iran: Report
UK-registered crypto exchanges Zedcex and Zedxion have facilitated billions of dollars in stablecoin transfers for Iran’s Islamic Revolutionary Guard Corps (IRGC), according to TRM Labs. Operating as a single entity, the companies enabled international cryptocurrency movement to help Iran evade sanctions. In 2023, $23.7 million in crypto linked to the IRGC moved through these exchanges, representing 60% of their activity. This surged to $619.1 million (87%) in 2024, before falling to $410.4 million in 2025. Both companies remain active despite apparent discrepancies in their financial accounts. Zedxion’s former director, Babak Morteza, is possibly linked to a previously sanctioned financier for Iran. The report also highlights Zedcex and Zedxion’s integration with Turkey-based Zedpay, which had ties to firms previously penalized for anti-money laundering violations. Funds were traced to major Iranian exchanges and sanctioned figures. Blockchain experts note Iran’s increasing use of crypto, especially stablecoins, to circumvent sanctions and fund military operations. The report advocates for upstream enforcement focusing on exchange infrastructure, governance, and ownership.
