- A crypto exchange has been blocked in the UK. Zedxion due to inaccurate data about the leader and processing of transactions for the Islamic Revolutionary Guard Corps.
UK authorities made a decision The Zedxion crypto exchange was liquidated for “misrepresentation, false or misleading information, or statements in its registration application.” The platform was also accused of transferring funds to Iran’s Islamic Revolutionary Guard Corps.
It was previously revealed that the director listed in the company’s documents, Elizabeth Newman, was a fictitious person. Furthermore, Zedxion used stock images of Newman in promotional materials.
An analysis by TRM Labs found that Zedxion and its subsidiary platform, Zedcex, processed approximately $1 billion in transactions related to the Islamic Revolutionary Guard Corps (IRGC). This represents approximately 56% of the total transaction volume on these platforms. This share subsequently increased to 87% in 2024, when IRGC-related transaction volume reached approximately $619,1 million.
Zedxion Exchange Ltd., incorporated in May 2021, listed a man named “Babak Morteza” as its director and significant controlling party. However, documents show that the details associated with this name match those of Babak Zanjani, an Iranian businessman.
In 2013, the US and the European Union imposed sanctions on Zanjani for laundering billions of dollars in oil proceeds on behalf of Iranian state entities, including the Islamic Revolutionary Guard Corps. In 2016, he was convicted of embezzlement and sentenced to death, but his sentence was commuted in 2024 after he repaid the funds.
Risk Warning:
The information on this website is for informational and educational purposes only and does not constitute investment advice or financial recommendations. Cryptocurrencies and digital assets carry a high level of risk, including possible loss of capital. The editors are not responsible for decisions made based on the published materials. It is recommended that you conduct your own research (DYOR) before making any investment decisions.