The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury has designated two crypto exchanges registered in the United Kingdom — Zedcex and Zedxion — for sanctions due to allegations of facilitating transactions related to the Islamic Revolutionary Guard Corps (IRGC).
This is the first time OFAC has designated a digital asset exchange for sanctions due to its financial activities within Iran’s economy. The IRGC is currently listed as a terrorist organization by the United States and the European Union.
According to the announcement, these two exchanges are connected to Babak Morteza Zanjani — an Iranian businessman who was convicted of embezzling billions of dollars from the National Iranian Oil Company. The U.S. Department of the Treasury accuses that after being sentenced and released from prison, Zanjani continued to fund activities related to the IRGC.
The Treasury states that Zedcex has processed over $94 billion in transactions since registering in August 2022, and both exchanges handle large volumes of funds linked to IRGC-related partners. Previously, OFAC had sanctioned individual crypto wallet addresses and technology providers involved in evading sanctions, but this is the first time an entire exchange has been blacklisted under a financial sanctions framework targeting Iran.
Blockchain analytics firm TRM Labs reports that these two exchanges have processed approximately $1 billion in IRGC-related funds since 2023, accounting for 56% of their total transaction volume, mostly through USDT on the Tron network.
This move comes amid increased scrutiny of Iran’s crypto activities. Another report indicates that the Central Bank of Iran has purchased at least $507 million USDT, believed to be aimed at supporting the rial, which is experiencing a sharp devaluation.
The sanctions package also targets high-ranking Iranian officials accused of involvement in violent crackdowns on protesters, including Interior Minister Eskandar Momeni Kalagari. The U.S. Department of the Treasury states that in 2025 alone, it has sanctioned over 875 individuals, vessels, and aircraft related to Iran’s sanctions evasion networks. U.S. citizens are prohibited from conducting transactions with individuals and entities on the sanctions list.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
"Xiao Shen 1500" is it Bitcoin? How Judge Ko Wen-je interprets the truth inside the USB based on the verdict.
Taipei District Court has issued a verdict on Ko Wen-je and other defendants involved in the Jinghua City case. Ko Wen-je was sentenced to 17 years in prison. The key issue was whether the "15 million" was actually paid. The court confirmed that the workbook inside the USB was Ko Wen-je's personal record but did not have the legal status of a business ledger, and lacked additional evidence to prove the existence of bribes. No acquittal was separately declared.
ChainNewsAbmedia1h ago
Nvidia Faces Class Action Over Alleged Hidden Crypto GPU Revenue
_Nvidia faces class action over alleged $1B undisclosed crypto GPU revenue; investors gain approval to proceed as a group._
Nvidia faces a certified class action lawsuit over claims it failed to disclose more than $1 billion in crypto-related GPU revenue during a key period of rising demand,
LiveBTCNews1h ago
Brazil passes law allowing seized crypto to be used for public security
Brazil’s public security agencies have a new weapon for fighting organized crime after national legislators approved a measure allowing them to use confiscated cryptocurrency in their efforts.
On Wednesday, Brazil’s legislative branch published Law No. 15.358, establishing a legal framework for
Cointelegraph2h ago
UK Sanctions Crypto Marketplace Xinbi in Crackdown on Southeast Asian Scam Centers
In brief
The UK has sanctioned cryptocurrency marketplace Xinbi, which provides services to scam centers including selling stolen personal data and satellite equipment.
Sanctions also target 8 Park, believed to be Cambodia's largest scam compound with capacity for 20,000 trafficked
Decrypt3h ago
Brazil Passes Law to Use Seized Bitcoin, Crypto to Fund Public Security Measures
Brazil's new "Anti-Gang Law" enables authorities to seize and sell digital assets like Bitcoin to combat organized crime, with proceeds supporting public security. The law enhances penalties for crime leaders and facilitates asset management by judges.
Decrypt4h ago
UK cracks down on Southeast Asia scam hubs! Xinbi, a crypto platform involved in money laundering, faces sanctions and has handled nearly $20 billion in illegal transactions over four years.
The UK government has imposed new sanctions on Southeast Asian scam networks, targeting the cryptocurrency platform Xinbi for the first time. The platform is suspected of money laundering and has handled over $19.9 billion in illegal transactions. Additionally, operators of scam zones in Cambodia have been penalized to cut off financial support for global scams and to strengthen international cooperation in combating illegal fund flows.
動區BlockTempo5h ago
