UK Shuts Down Crypto Exchange Zedxion, Accusing It of Providing Funding Services to Iran

Odaily News: UK regulators have ordered the closure of crypto exchange Zedxion, accusing it of processing funds for Iran's Islamic Revolutionary Guard Corps. An official statement cited the reason for Zedxion's shutdown as "information or statements in the company's registration application being misleading, false, or deceptive." Media reports indicate that Zedxion processed approximately $1 billion for Iran's Islamic Revolutionary Guard Corps, accounting for about 56% of the platform's total transaction volume. This UK action follows measures taken by the U.S. Treasury Department against Zedxion for assisting Iran in evading international sanctions. Previously, the European Union also imposed sanctions on Zedxion for helping Iranian state-owned entities launder billions of dollars in oil revenue.

Zedxion was founded in 2021, with Babak Morteza serving as director and significant controller. He is an Iranian businessman who has been accused of violating international sanctions. Governments worldwide are intensifying scrutiny of crypto exchanges to prevent them from channeling funds to Iran, which is at war with the United States and Israel. (Yahoo)