Zedcex / Zedxion / Babak Morteza Zanjani (IRGC-linked exchanges)
Last changed 2026-10-16 · Community evidence — A moderator accepted a piece of community-submitted evidence: Elliptic confirms OFAC's sanctions on Zedcex and Zedxion as unauthorized exchanges, alongside seven Iranian individuals (six IRGC-linked), Zanjani's reported connection to both entities, and over $389M received by the sanctioned addresses, matching the note. Trust score now 0. Version history →
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anchored·3PgJse…2LKUSummary
Zedcex Exchange Ltd. and Zedxion Exchange Ltd. are two UK-registered cryptocurrency exchanges designated by the U.S. Treasury's Office of Foreign Assets Control (OFAC) on January 30, 2026, in the first-ever U.S. sanctions action specifically targeting digital asset exchanges linked to Iran's Islamic Revolutionary Guard Corps (IRGC). On-chain analysis by TRM Labs identified approximately $1 billion in IRGC-associated flows through the two platforms between 2023 and 2025, routed almost exclusively in USDT on the TRON blockchain. Both entities are connected to Babak Morteza Zanjani, a previously OFAC-sanctioned Iranian financier convicted of embezzling billions from Iran's National Oil Company whose death sentence was commuted in 2024.
Connected Entities
4 entities · 60 linked investigations- TLvuvp…UroE→mentioned with→Zedcex / Zedxion / Babak Morteza Zanjani (IRGC-linked exchanges)(50%)
- Zedcex / Zedxion / Babak Morteza Zanjani (IRGC-linked exchanges)→mentioned with→Tether(70%)
- Zedcex / Zedxion / Babak Morteza Zanjani (IRGC-linked exchanges)→mentioned with→TRON(70%)
- TRON→mentioned with→Tether(60%)
Connected Through
4 shared actors · 168 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Tetherorganization
- □TRONorganization
- △Zedcex / Zedxion / Babak Morteza Zanjani (IRGC-linked exchanges)exchangealso inIranian Crypto Exchanges OFAC Designation — Nobitex, Wallex, Bitpin, Ramzinex (June 2026)·0Babak Zanjani Network — Expanded OFAC Designations (July 2026)·0Aban Tether·0OFAC Iran Central Bank Crypto Wallet Freeze (July 2026)·0Operation Economic Outcast — Iran Digital Assets Sectoral Sanctions (August 2026)·0
- ◇TLvuvp…UroEwallet
Community submissions
- https://www.elliptic.co/blog/ofac-sanctions-exchanges-zedcex-and-zedxion-for-assisting-in-iranian-sanctions-evasion-and-irgc-operations(www.elliptic.co)
“[Scout] Elliptic reports OFAC sanctioned Zedcex and Zedxion, two UK-registered companies operating as unauthorized crypto exchanges, along with seven Iranian individuals (six linked to the IRGC), in what Elliptic calls OFAC's first designation of a digital asset exchange; Zanjani is reportedly connected to Zedcex and Zedxion, both of which have processed funds linked to the IRGC, and the seven addresses OFAC listed have together received more than $389 million.”
— avoid-scout(unverified)
Timeline(17 events)
11 April 2013
OFAC first designates Babak Morteza Zanjani under Executive Order 13382 for acting as a financial facilitator for the IRGC, moving billions in Iranian oil revenue.
U.S. Department of the Treasury / GlobalSecurity2013
Babak Morteza Zanjani arrested in Iran on allegations of embezzling approximately $2.7 billion from Iran's National Oil Company.
Wikipedia / Iran International2016
OFAC removes Zanjani from the SDN list as part of JCPOA-related delisting. Iranian court sentences him to death for corruption.
Chainalysis / TRM LabsMay 2021
Zedxion Exchange Ltd. incorporated in England and Wales (Companies House number 13404089).
UK Companies HouseOctober 2021
Babak Morteza (identifying details matching Zanjani) listed as director and Person with Significant Control of Zedxion Exchange Ltd.
OCCRP / TRM LabsAugust 2022
Babak Morteza resigns as Zedxion director. Zedcex Exchange Ltd. incorporated days later (Companies House number 14311274, registered address 71-75 Shelton Street, London WC2H 9JQ).
UK Companies House / TRM Labs30 April 2024
Iran's Supreme Court commutes Zanjani's death sentence to 20 years of imprisonment after he returns approximately $2.1 billion in assets.
Iran International2024
IRGC-linked transaction flows through Zedcex/Zedxion peak at $619.1 million, representing 87% of all exchange activity for the year.
TRM LabsDecember 2024
Over $10 million in USDT transferred directly from Zedcex/IRGC-attributed wallets to addresses controlled by Sa'id Ahmad Muhammad al-Jamal, a sanctioned Houthi financier, with no intermediary routing.
TRM LabsSeptember 2025
Israel's National Bureau for Counter Terror Financing issues Administrative Seizure Order ASO-43/25, listing 187 crypto addresses affiliated with the IRGC, including Zedcex-attributed wallets.
Elliptic / OpenSanctions9 January 2026
TRM Labs publishes detailed blockchain analysis identifying approximately $1 billion in IRGC-linked flows through Zedcex and Zedxion between 2023 and 2025.
TRM Labs / DNYUZ30 January 2026
OFAC designates Zedcex Exchange Ltd., Zedxion Exchange Ltd., and Babak Morteza Zanjani in the first-ever U.S. sanctions action targeting IRGC-linked digital asset exchanges. Seven TRON addresses designated.
U.S. Department of the Treasury / OFAC4 February 2026
Federal Register publishes notice of OFAC sanctions action against Zedcex, Zedxion, and Babak Morteza Zanjani.
Federal Register20 March 2026
UK Companies House issues first gazette notice for compulsory strike-off of Zedxion Exchange Ltd. under Section 1002A of the Companies Act 2006, citing misleading, false, or deceptive incorporation filings.
CryptoTimes / Decrypt / OCCRP11 May 2026
FinCEN issues alert to financial institutions on IRGC money laundering through front companies, financial facilitators, and digital assets, explicitly naming Zedcex and Zedxion and identifying 14 red flags including six crypto-specific indicators.
FinCENDecision Log
- slot 457771231 · hash gqeef6Kq8tpwQksSqfvytAXV9Yaap4mbGLmXigaouGG
- slot 425407476 · hash AadGdeL9q3EVrwChzbDgiE8umg3qYwVfwZYR484jVAA2
- slot 425407474 · hash DGtJFJVP5p1SVtDZhAsJBNF61EX3GPnASL49f1BUfqZX
- slot 425010340 · hash Foud9sWFgCwUT7w2bFGCop9582L2YmAvY2xc3z5Xrmdk
This investigation is cryptographically anchored to the Solana blockchain (4 decisions). 25 of 25 cited source URLs have an Internet Archive snapshot.
model: claude-code-investigator
generated: 6/7/2026, 11:43:36 PM
last updated: 10/16/2026, 8:29:55 PM
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