- UK to shut down Zedxion Exchange Ltd. over misleading filings and fake director claims.
- Investigators found links between the platform and Islamic Revolutionary Guard Corps transactions.
- US authorities sanctioned the exchange for processing hundreds of millions in illicit crypto flows.
Britain is dissolving a cryptocurrency exchange that US authorities say secretly processed hundreds of millions of dollars for Iran’s Islamic Revolutionary Guard Corps, after investigators uncovered a fictitious director and a sophisticated sanctions evasion operation hidden behind a conventional trading platform.
Companies House, the UK’s official business registry, has issued a compulsory strike-off notice against Zedxion Exchange Ltd. under Section 1002A of the Companies Act 2006, citing filings that were misleading, false, and deceptive.
A Fake Director, A Real Problem
The move follows an investigation by the Organised Crime and Corruption Reporting Project, which found that Zedxion’s listed director, Elizabeth Newman, did not exist.
The firm had used a stock photo model’s image to represent her in marketing materials. In reality, the company’s true controller was Babak Zanjani, a sanctioned Iranian tycoon convicted of embezzling state oil funds and sentenced to death in 2016, a sentence later commuted in 2024.
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Hundreds of Millions Moving Through the IRGC
While Zedxion and its sister platform Zedcex publicly presented themselves as conventional crypto trading platforms, blockchain analytics firm TRM Labs found they operated as a single enterprise embedded within a broader Iranian sanctions evasion network.
Source: TRM
In 2023, approximately $23.7 million flowed through IRGC-linked addresses on the platform, representing around 60% of total activity. By 2024, that figure exploded to $619.1 million, accounting for an estimated 87% of all transactions. In 2025, IRGC-linked flows declined to approximately $410.4 million, though they still represented nearly half of all platform activity.
US Sanctions and What Comes Next
The US Treasury’s Office of Foreign Assets Control sanctioned both Zedxion and Zedcex in January, alongside Zanjani himself, stating the platforms had processed funds for wallets directly linked to the IRGC, one of the world’s most heavily sanctioned military organisations.
The compulsory strike-off notice will be made publicly available within ten days.
Related: FBI and Thai Police Seize 8,000 Phones and Freeze $580M in Crypto From Scammers
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