US sanctions crypto exchanges tied to Iran in first move

The United States government escalated its financial pressure on Iran by sanctioning two cryptocurrency exchanges for the first time. This unprecedented action targets Zedcex Exchange Ltd. and Zedxion Exchange Ltd., both UK-registered, for operating within Iran’s financial sector according to a Treasury statement. Officials linked the exchanges to Iranian businessman Babak Morteza Zanjani, who allegedly helped launder funds for the state.

Consequently, the Office of Foreign Assets Control (OFAC) accused Zedcex alone of processing more than $94 billion since 2022 for entities tied to the Islamic Revolutionary Guard Corps. Treasury Secretary Scott Bessent stated, “Treasury will continue to target Iranian networks and corrupt elites that enrich themselves at the expense of the Iranian people.” However, this crackdown extends beyond digital assets to include Iranian officials like Interior Minister Eskandar Momeni Kalagari.

Meanwhile, Iran has reportedly turned to stablecoins to manage its economic crisis. Blockchain analytics firm Elliptic recently found Iran’s central bank accumulated over $500 million in Tether‘s USDt. This move likely aimed to support the collapsing rial or settle international trade, mirroring traditional market interventions through cryptocurrency platforms.

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