The report said the companies, Zedcex and Zedxion, listed a supposed director and person with significant control named “Elizabeth Newman,” but investigators found no passport records, migration history or other evidence that such a person exists.

Promotional materials for the exchanges used stock video footage labeled “Pretty black woman talking to camera” from Shutterstock to portray the fictitious executive, while other “team members” also appeared to be generic stock clips.

The companies were able to register in Britain because, until recently, Companies House required no identity verification for corporate filings.

OCCRP’s investigation also linked the exchanges to Iranian tycoon Babak Morteza Zanjani, who was sentenced…