UK to Dissolve Crypto Exchange Accused of Aiding Iranian Sanctions Evasion
Companies House has initiated the dissolution of Zedxion Exchange Ltd., a UK-incorporated cryptocurrency platform accused of processing funds for Iran’s Islamic Revolutionary Guard Corps (IRGC). This follows U.S. sanctions imposed due to Zedxion and its affiliate Zedcex allegedly enabling Iran to evade sanctions, especially through links to sanctioned financier Babak Zanjani. The UK action cites misleading or deceptive incorporation statements. Investigations revealed that Zedxion likely used fictitious identities in filings, and the director listed was associated with a stock photo. Blockchain analysis indicates that roughly $1 billion—up to 87% of Zedxion’s 2024 transaction volume—was tied to IRGC-linked funds. Zedxion was founded in May 2021; initial control was linked to “Babak Morteza,” matching details of Zanjani, a long-sanctioned Iranian businessman and convicted embezzler. Zanjani has since emerged overseeing a conglomerate spanning sectors often used for sanctions evasion and advocates blockchain solutions for Iran’s economy. The UK is now actively using new powers under the Economic Crime and Corporate Transparency Act, expanding identity verification and compliance checks to curb abuse of the corporate registry.
