Iran’s Revolutionary Guard moved $1 billion through UK-registered crypto exchanges, report finds
The IRGC moved $1 billion since 2023 via two UK-registered crypto exchanges, Zedcex and Zedxion, to evade sanctions.Summary
A report by blockchain intelligence firm TRM Labs, detailed by The Washington Post, found that Iran's Islamic Revolutionary Guard Corps (IRGC) moved approximately $1 billion since 2023 using two cryptocurrency exchanges registered in the United Kingdom: Zedcex and Zedxion, which operate as the same entity. IRGC-linked transactions constituted 56% of the exchanges' total volume between 2023 and 2025, primarily using Tether's USDT stablecoin on the Tron network. This activity rapidly escalated, reaching $410 million in 2025, suggesting Iran is developing dedicated financial infrastructure to bypass international sanctions. The IRGC faces sanctions due to concerns over its nuclear program and support for groups like Hamas and Hezbollah. TRM Labs traced the operations by making small deposits and following funds linked to 187 IRGC-controlled wallets, connecting the exchanges to figures like sanctioned Yemeni nationals and convicted Iranian businessman Babak Zanjani. Despite claims of AML compliance, neither exchange responded to inquiries, and official bodies declined to comment.
(Source：The Block)