UK regulators have shut down cryptocurrency exchange Zedxion, accusing it of processing approximately $1 billion in funds for Iran's Islamic Revolutionary Guard Corps, in violation of international sanctions. This action follows sanctions imposed by the United States and European Union against Zedxion, reflecting a global trend of increasingly stringent regulation of cryptocurrency exchanges.

The U.S. Department of the Treasury has imposed sanctions for the first time on two digital asset exchanges associated with Iranian businessman Babak Morteza Zanjani, involving Zedcex and Zedxion. These two exchanges are linked to the Iranian Revolutionary Guard Corps and have handled large amounts of funds. OFAC also sanctioned several Iranian officials, accusing them of being responsible for domestic violent suppression.

Odaily Planet Daily reports that blockchain analysis company TRM Labs recently released a report indicating that since 2023, the Islamic Revolutionary Guard Corps (IRGC) of Iran has used two UK-registered cryptocurrency exchanges, Zedcex and Zedxion, to transfer approximately $1 billion to evade international economic sanctions.