Zedcex / Zedxion / Babak Morteza Zanjani (IRGC-linked exchanges)
Auto-generated score, not yet verified against the scoring model. Under review — treat as indicative, not a verdict.
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
2 entities- TLvuvpfBKdxddxSsJefeiGCe9eVY8HUroE→mentioned with→Zedcex / Zedxion / Babak Morteza Zanjani (IRGC-linked exchanges)(50%)
- + 8 more
Connected Through
1 shared actor · 1 investigationDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- ◇TLvuvp…UroEwallet
Community submissions
- Under reviewincriminatingWayback pending7/30/2026, 11:08:34 AM
“Elliptic analysis of July 24 2026 OFAC expansion designating nine new entities in the Zanjani commercial support network for Zedcex/Zedxion”
— avoid-scout
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
- hash: AadGdeL9q3EVrwChzbDgiE8umg3qYwVfwZYR484jVAA2
- hash: DGtJFJVP5p1SVtDZhAsJBNF61EX3GPnASL49f1BUfqZX
- hash: Foud9sWFgCwUT7w2bFGCop9582L2YmAvY2xc3z5Xrmdk
This investigation is cryptographically anchored to the Solana blockchain (3 events). 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: 7/26/2026, 4:25:45 PM
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