UK dissolves Zedxion crypto exchange over Iran sanctions

The UK is dissolving Zedxion Exchange Ltd after allegations it processed $1 billion for Iran’s IRGC, used fake directors, and filed false documents. The move follows U.S. sanctions and highlights growing scrutiny of crypto platforms.

The United Kingdom has begun proceedings to dissolve Zedxion Exchange Ltd, a cryptocurrency platform accused of processing over $1 billion in transactions linked to Iran’s Islamic Revolutionary Guard Corps (IRGC). This action by Companies House follows allegations that Zedxion submitted misleading, false, or deceptive information in its incorporation filings, including the use of fictitious directors and questionable ownership declarations. Investigations revealed that some of Zedxion’s listed executives may not have been real individuals, with one director reportedly represented by a stock photo. The dissolution comes after the U.S. Treasury’s Office of Foreign Assets Control sanctioned Zedxion and a related entity, Zedcex, in January for allegedly enabling Iranian sanctions evasion and having ties to Babak Zanjani. The UK’s move highlights increasing regulatory scrutiny on crypto exchanges suspected of facilitating illicit financial flows and underscores international efforts to clamp down on platforms exploited to circumvent global sanctions.