Britain’s Companies House is dissolving Zedxion Exchange Ltd., a cryptocurrency platform accused of aiding Iran’s Islamic Revolutionary Guard Corps (IRGC). The U.S. sanctioned the exchange in January for allegedly enabling sanctions evasion linked to financier Babak Zanjani.
Blockchain data reveals Zedxion and its sister entity processed over $1 billion in funds, with IRGC-related transactions peaking at 87% of their activity in 2024. A fictitious director identity and stock imagery were reportedly used to mask operations. Zanjani, previously sanctioned and convicted for embezzlement, now promotes blockchain-based systems in Iran.
Iran leverages crypto to bypass international sanctions, with illicit addresses tied to the IRGC receiving $154 billion last year. The UK’s expanded corporate transparency laws aim to curb misuse of its corporate register.