OFAC designated two UK-registered crypto exchanges, Zedcex and Zedxion, for operating in Iran’s financial sector and processing cryptocurrency transactions for the Islamic Revolutionary Guard Corps (IRGC).
The action includes seven Tron (TRX) addresses associated with Zedcex, a service that has reportedly processed over $94 billion in transactions since its registration in August 2022.
This marks OFAC’s first designation of digital asset exchanges specifically for operating in Iran’s financial sector.
The exchanges are linked to Iranian businessman Babak Morteza Zanjani, who was previously sentenced to death for embezzling billions from Iran’s National Oil Company
