The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury has designated two crypto exchanges registered in the United Kingdom — Zedcex and Zedxion — for sanctions due to allegations of facilitating transactions related to the Islamic Revolutionary Guard Corps (IRGC).
This is the first time OFAC has designated a digital asset exchange for sanctions due to its financial activities within Iran’s economy. The IRGC is currently listed as a terrorist organization by the United States and the European Union.
According to the announcement, these two exchanges are connected to Babak Morteza Zanjani — an Iranian businessman who was convicted of embezzling billions of dollars from the National Iranian Oil Company. The U.S. Department of the Treasury accuses that after being sentenced and released from prison, Zanjani continued to fund activities related to the IRGC.
The Treasury states that Zedcex has processed over $94 billion in transactions since registering in August 2022, and both exchanges handle large volumes of funds linked to IRGC-related partners. Previously, OFAC had sanctioned individual crypto wallet addresses and technology providers involved in evading sanctions, but this is the first time an entire exchange has been blacklisted under a financial sanctions framework targeting Iran.
Blockchain analytics firm TRM Labs reports that these two exchanges have processed approximately $1 billion in IRGC-related funds since 2023, accounting for 56% of their total transaction volume, mostly through USDT on the Tron network.
This move comes amid increased scrutiny of Iran’s crypto activities. Another report indicates that the Central Bank of Iran has purchased at least $507 million USDT, believed to be aimed at supporting the rial, which is experiencing a sharp devaluation.
The sanctions package also targets high-ranking Iranian officials accused of involvement in violent crackdowns on protesters, including Interior Minister Eskandar Momeni Kalagari. The U.S. Department of the Treasury states that in 2025 alone, it has sanctioned over 875 individuals, vessels, and aircraft related to Iran’s sanctions evasion networks. U.S. citizens are prohibited from conducting transactions with individuals and entities on the sanctions list.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Crypto Millions Finance Sale of Stolen US Trade Secrets, Treasury Says
The Treasury Department sanctioned a Russian exploit broker network accused of trafficking stolen U.S. trade secrets and government cyber tools for cryptocurrency, marking the first use of a key intellectual property law to counter escalating national security threats.
Treasury Sanctions
Coinpedia40m ago
The Chen Zhi case and the Zhao Changpeng case: The United States profits nearly $20 billion from them
Author: Yuan Hong, Global Times
On February 26, the China National Computer Virus Emergency Response Center and other departments jointly released the latest report showcasing how the United States leverages technological dominance to harvest global virtual currency assets. According to incomplete statistics, from 2022 to 2025, the U.S. has confiscated over $30 billion worth of global virtual currency assets through various cases, with the Chen Zhi case alone accounting for $15 billion, or 50% of the total.
On the 26th, the China National Computer Virus Emergency Response Center, the National Engineering Laboratory for Computer Virus Prevention and Control Technology, as well as 360 Digital Security Group and Ant Technology Group Co., Ltd., jointly published "The 'Number One Player'—An In-Depth Analysis of the U.S. Technological Hegemony and Global Virtual Currency Asset Harvesting Operations." The report, combining typical cases such as the Chen Zhi case and Zhao Changpeng case, explores the background of blockchain technology and security risks, systematically analyzing how the U.S. exploits technological dominance to harvest global assets.
PANews47m ago
Market Predictions: Kalshi Faces Multiple Controversies! MrBeast Employee Suspected of Insider Trading, California Gubernatorial Candidate Bets on Their Own Race
The prediction platform Kalshi has launched an investigation into 200 insider trading cases, with two well-known individuals accused of violations. Mr. Beast's editor Artem Kaptur was suspended for two years and fined $20,000 for abnormal trading activity; former California gubernatorial candidate Kyle Langford was banned for five years and fined $2,000 for betting on his own election prospects. The CFTC emphasized that it will pursue insider trading behaviors, while Kalshi plans to strengthen self-regulation.
ChainNewsAbmedia1h ago
Kalshi Fines MrBeast Editor for Insider Trading, Referred to CFTC in First Public Enforcement Action
Kalshi, a regulated prediction market platform, announced on February 25, 2026, that it has fined Artem Kaptur, a visual effects editor for YouTube creator MrBeast, more than $20,000 and suspended him for two years for allegedly using non-public information about upcoming video content to execute "near-perfect" trades.
CryptopulseElite1h ago
CFTC Statement Affirms Authority to Regulate Prediction Market Trading Violations
The US CFTC states that it has full enforcement authority over illegal trading in prediction markets and has frozen relevant accounts in connection with the insider trading incident reported by Kalshi. As regulation of such markets intensifies, jurisdiction disputes between the CFTC and the states are also escalating.
GateNewsBot1h ago
Forecast: Market operators face 20 lawsuits, and users may bear cross-state regulatory risks
Regulatory agencies in various U.S. states have filed over 20 lawsuits against prediction market operators Kalshi and Polymarket. The CFTC argues that federal law should take precedence, creating conflicts with local governments. States are concerned about losing tax revenue and gambling issues, leading to an uncertain legal environment that increases user risk. The cases are expected to be delayed until a ruling by the Supreme Court.
ChainNewsAbmedia1h ago
