OFAC designates Iran-linked exchanges, targets crypto platforms aiding the country
The post OFAC designates Iran-linked exchanges, targets crypto platforms aiding the country appeared on BitcoinEthereumNews.com.
The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated two cryptocurrency exchanges registered in the United Kingdom for operating in Iran’s financial sector. According to the agency, both exchanges have been aiding the country by processing its crypto transactions. The detailed report from the OFAC revealed that the exchanges, Zedcex Exchange Ltd. and Zedxion Exchange Ltd., have also been providing several financial services to the Islamic Revolutionary Guard Corps (IRGC). The action marks the first time that OFAC has specifically designated crypto exchanges for operating in the financial sector of Iran. According to the agency, the platforms have carried out significant volumes of transactions for the IRGC. OFAC designates exchanges linked to Iran’s financial operations In the report shared by Chainalysis, Zedcex Exchange was registered in August 2022, and the exchange has reportedly processed more than $94 billion in transactions since it was established. On the other hand, Zedxion Exchange, which was registered in May 2021, initially had Iranian businessman Babak Morteza Zanjani listed as one of its directors. Both exchanges appear to be part of a network helping the country evade sanctions. In addition, the network has also been fingered as the main avenue where funds are laundered for Iranian state interests, especially the IRGC. The connection between the exchanges and Babak Morteza Zanjani also provides another interesting angle to the OFAC action. In 2013, he was designated by the OFAC for acting as a financial facilitator for the IRGC, but was delisted under Joint Comprehensive Plan of Action (JCPOA)-related designation removals in 2016. In 2016, Zanjani was sentenced to death in Iran for embezzling billions of dollars from Iran’s National Oil Company. However, his sentence was reduced in 2024, and by the following year, he was back as a financial backer of…
Filed under: News - @ January 31, 2026 9:24 am