UK Closes Crypto Exchange Zedxion, Accuses It of Providing Funding Services to Iran

SmartContractAuditor · 2026-03-21T03:16:37+00:00

UK regulators shut down cryptocurrency exchange Zedxion, accusing it of processing approximately $1 billion in funds for Iran's Islamic Revolutionary Guard Corps and allegedly providing misleading registration information. This action follows sanctions imposed by the U.S. Treasury Department against Zedxion, as global scrutiny of cryptocurrency exchanges intensifies.

SmartContractAuditor

2026-03-21 03:16:37

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Odaily Planet Daily News: The UK regulatory agency has ordered the closure of the cryptocurrency exchange Zedxion, accusing it of processing funds for the Iranian Islamic Revolutionary Guard Corps. An official statement said the reason for Zedxion’s closure was that “the information or statements in the company’s registration application were misleading, false, or deceptive.” Media reports indicate that Zedxion handled approximately $1 billion for the Iranian Islamic Revolutionary Guard Corps, accounting for about 56% of the platform’s total trading volume. This UK action follows measures taken by the U.S. Treasury Department against Zedxion for helping Iran evade international sanctions. Previously, the European Union also imposed sanctions on Zedxion for assisting Iranian state entities in laundering billions of dollars in oil revenues.

Zedxion was established in 2021, with Babak Morteza serving as director and major controller. He is an Iranian businessman who has been accused of violating international sanctions. Governments worldwide are increasing scrutiny of cryptocurrency exchanges to prevent them from funneling funds to Iran, which is at war with the United States and Israel. (Yahoo)

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