Zedcex Exposed as Major Crypto Platform Supporting IRGC Fund Transfers

The core Iranian security force is comprised of the Iranian Islamic Revolutionary Guard Corps. Several Western administrations consider the Iranian Islamic Revolutionary Guard Corps a terror group. New evidence links the organization to Zedcex, a cryptocurrency exchange network. It operated discreetly to move funds across borders, currencies, and territories for one of the world’s most sanctioned armed forces.

It should be noted that Zedcex and Zedxion were trading platforms in the online world. In reality, they were a single entity. The blockchain analysis distinguished between the wallets that belonged to the IRGC and the other wallets. In 2023, the linked traffic had amounted to $23.7 million, accounting for about sixty percent. Then came the drastic change in 2024, followed by the change in 2025.

Source: TRM

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UK Shell Companies Reveal Zedcex’s True Structure

Companies were incorporated in the UK and appeared to be lightly regulated. Both companies had virtual offices and straw directors and appeared to go into dormancy repeatedly. Zedxion was formed in May 2021. However, control was later acquired by Babak Morteza. This was the same person who had EU and US sanctions for channeling funds to entities linked to the Iranian Revolutionary Guard Corps.

Source: TRM

Zedcex Exchange emerged in the middle of 2022, following Zanjani’s departure from Zedxion. The two exchanges also shared a common board of directors and a virtual address. Documents revealed that it remained dormant until 2025. The sequence of events was significant. There is no clear demarcation between the exchanges, as indicated by the timing of the exchanges, as all were part of a single exchange structure.

On-Chain Data Shows Zedcex Supports IRGC

This is in relation to Babak Zanjani. He was widely reported for sanctions evasion funding on a massive scale. Later, he was arrested by Iranian courts for missing oil funds. The sentence was reduced after he refunded the money. He emerged again in 2025 in DotOne Holding Group.

Analyses of blockchain activity uncovered the larger role of Zedcex. Its accounts were connected to IRGC addresses, which had been seized by Israeli authorities in 2025. Total IRGC-related transaction volumes nearly reached $1 billion. IRGC’s activity reached its peak in 2024. Settlements used only USDT on TRON to facilitate quick and inexpensive transfers despite sanctions.

However, the Zedcex infrastructure went further than the trading of cryptocurrencies. Links existed for Turkish payment processors to handle fiat payments. Moreover, the blockchain data showed that successful transactions to the tune of over ten million dollars went to the Houthi financier linked to the IRGC. The middlemen were absent in this case, proving Zedcex to be an operational funding pathway.

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