Authorities in the United Kingdom have begun shutting down the exchange Zedxion after an investigation uncovered links to financial activity tied to Iran.
The move came from Companies House, which stated the firm would be dissolved due to
“Information or a statement in an application for incorporation that is misleading, false or deceptive.”
The platform had already raised red flags earlier. A probe suggested that the listed director, Elizabeth Newman, didn’t actually exist, with the company allegedly relying on stock images to support the identity.
Blockchain analytics firm TRM Labs later found that Zedxion, along with a related platform, handled around $1 billion connected to networks tied to Iran’s Revolutionary Guard. Over time, that exposure reportedly grew significantly, making up the majority of activity by 2024.
The company’s structure also drew scrutiny. It was originally registered in 2021 under the name “Babak Morteza,” whose details appeared to match those of Babak Zanjani, a businessman long associated with sanctions evasion cases. The name was later removed, with Newman stepping in as director.
The action in the UK follows earlier measures from U.S. authorities, who sanctioned both platforms over their alleged role in helping Iran bypass restrictions. Zanjani himself has been under international sanctions for years over claims he helped channel billions in oil-related funds, and was convicted in 2016 before having his sentence reduced in 2024 after repayments.
The situation adds to broader pressure on the industry, as regulators continue to examine whether major platforms have been used to move funds connected to sanctioned entities.
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