- The U.S. sanctioned two UK-based crypto exchanges, Zedcex and Zedxion, for helping Iran evade sanctions.
- Seven associated crypto addresses processed over $389 million, with one address alone receiving $149.3 million.
- OFAC also designated seven Iranian individuals and a financier named Babak Zanjani.
- This marks the first time OFAC has designated a digital asset exchange for operating in Iran’s financial sector.
On January 30, 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned two unauthorized crypto exchanges for facilitating financial activity that allowed Iran to evade sanctions. These UK-registered companies, Zedcex and Zedxion, were designated alongside seven Iranian individuals for their roles in the regime’s activities. According to OFAC, the individuals are connected to Iran’s Islamic Revolutionary Guard Corps and are “responsible for the regime’s brutal crackdown on its own people.”
Consequently, OFAC also sanctioned financier Babak Zanjani, who was reportedly freed from prison to launder money for the regime. This marks OFAC’s first designation of a digital asset exchange for operating in Iran’s financial sector. Meanwhile, the action follows recent European sanctions over serious human rights violations and Iran’s support for Russia.
Today’s designations list seven specific cryptocurrency addresses linked to the entities. These addresses have collectively processed more than $389 million in transactions. A single address, TLvuvpfBKdxddxSsJefeiGCe9eVY8HUroE, received $149.3 million of that total.
Zanjani has previously disclosed documents showing purchases of the USDT stablecoin by Iran’s central bank. Elliptic’s analysis found at least $507 million in total USDT acquisitions likely used to support the Iranian rial. However, the inherent transparency of blockchain technology enables comprehensive visibility into such financial flows. When authorities and industry work together, the integrity of the digital asset ecosystem can be maintained.
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