US Sanctions UK Crypto Exchanges Amid Iran-Related Woes

The US Treasury's Office of Foreign Assets Control (OFAC) sanctioned two UK-registered cryptocurrency exchanges, Zedcex Exchange Ltd. and Zedxion Exchange Ltd., marking the first time entire digital asset platforms have been sanctioned under Iran-specific measures. The action targets the exchanges for facilitating nearly $1 billion in transactions linked to Iran's Islamic Revolutionary Guard Corps (IRGC), primarily using Tether (USDT) on the Tron network. These exchanges are reportedly tied to Iranian businessman Babak Morteza Zanjani, who allegedly resumed laundering funds for the Iranian regime after his death sentence was commuted in 2024. Treasury Secretary Scott Bessent stated the action targets networks exploiting digital assets to evade sanctions and finance cybercriminal operations. This move signals a strategic shift by US authorities to sanction entire platforms, rather than just individual wallets, to disrupt systemic financial networks used for sanctions evasion and terror financing, especially as Iran increasingly uses crypto to bypass traditional banking restrictions.

(Source：BeInCrypto)