UK regulators have ordered the closure of cryptocurrency exchange Zedxion, accusing it of processing approximately $1 billion in funds for Iran’s Islamic Revolutionary Guard Corps. This amount represents about 56% of the platform's total transaction volume. The shutdown was prompted by "misleading, false, or deceptive information" in Zedxion's registration application. This action aligns with previous measures by the U.S. Department of the Treasury and the European Union, which have sanctioned Zedxion for facilitating Iran's evasion of international sanctions and laundering oil revenues. Zedxion, established in 2021, is led by Babak Morteza, an Iranian businessman accused of violating international sanctions. The global crackdown on cryptocurrency exchanges aims to prevent the channeling of funds to Iran amid ongoing geopolitical tensions.
UK Shuts Down Zedxion Exchange Over Alleged Iran Funding
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