Two UK-registered crypto exchanges, Zedcex and Zedxion, moved $1 billion in stablecoins for Iran's IRGC terrorist organization from 2023-2025, using front companies and sanctioned financier Babak Zanjani to evade international sanctions and fund proxy groups including Houthi terrorists.

How Two UK-registered Companies Moved Over a Billion in Stablecoins for the IRGC | TRM Blog

This blog features a case study from TRM’s upcoming 2026 Crypto Crime Report. Be sure to check back in the coming weeks to get your complete copy.Key takeawaysZedcex and Zedxion are UK-based front companies that have facilitated operational financing for Iran’s Islamic Revolutionary Guard Corps (IRGC). Together, the exchanges have processed approximately USD 1 billion in funds linked to the IRGC, accounting for roughly 56% of their total transaction volume, with that share peaking at 87% in 2024...