Audit log

Every state-changing event for Zedcex / Zedxion / Babak Morteza Zanjani (IRGC-linked exchanges): moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1publishby system:backfill

   2026-06-08 01:21:51Z
   Score: ? → ? (no score change)
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   ●mainnet-betaslot 425,010,340

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   3PgJsenJTHFw…8fsV2LKUcopyexplorer ↗

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   Foud9sWFgCwU…3z5Xrmdkcopysha256 → base58

   verifying row…full verify ↗

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   {"actor":"system:backfill","investigation_id":"525cde83-4b87-4aa3-b36a-370c4b02c035","kind":"publish","page_slug":"zedcex-zedxion-babak-morteza-zanjani-irgc-linked-exchanges","published_at":"2026-06-08T01:21:51.584Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Zedcex / Zedxion / Babak Morteza Zanjani (IRGC-linked exchanges)","sections":[{"content":"On January 30, 2026, OFAC designated Zedcex Exchange Ltd., Zedxion Exchange Ltd., and Babak Morteza Zanjani under Executive Orders 13553, 13224, and 13902, pursuant to NSPM-2, for operating in the financial sector of the Iranian economy and materially supporting the IRGC. The action marked the first time OFAC had specifically designated digital asset exchanges for operating in Iran's financial sector. Treasury Secretary Scott Bessent stated: 'Rather than build a prosperous Iran, the regime has chosen to squander what remains of the nation's oil revenues on nuclear weapons development, missiles, and terrorist proxies around the world.' The designation freezes all U.S.-linked assets of these entities and prohibits any American person or institution from transacting with them. A Federal Register notice of the sanctions action was published on February 4, 2026. OFAC included seven TRON (TRX) network addresses in the designation of Zedcex Exchange Ltd. The exchanges were also sanctioned alongside Iranian Interior Minister Eskandar Momeni Kalagari and multiple IRGC and Law Enforcement Forces commanders designated for human rights abuses.","heading":"OFAC Designation and Legal Status","severity":"critical","sources":[{"credibility":1,"name":"Treasury Sanctions Iranian Regime Officials for Violent Repression and Corruption - U.S. Department of the Treasury (via GlobalSecurity)","type":"regulatory","url":"https://www.globalsecurity.org/wmd/library/news/iran/2026/01/iran-260130-treasury01.htm"},{"credibility":1,"name":"Iran-related Designations; Counter Terrorism Designations; Non-Proliferation Designation Update and Designation Removal - OFAC official action page","type":"regulatory","url":"https://ofac.treasury.gov/recent-actions/20260130"},{"credibility":1,"name":"Federal Register Notice of OFAC Sanctions Action (2026-02-04)","type":"regulatory","url":"https://www.federalregister.gov/documents/2026/02/04/2026-02217/notice-of-ofac-sanctions-action"},{"credibility":2,"name":"OFAC Sanctions Zedcex and Zedxion in First-ever Designation of an IRGC-linked Digital Asset Exchange - TRM Labs","type":"research","url":"https://www.trmlabs.com/resources/blog/ofac-sanctions-zedcex-and-zedxion-in-first-ever-designation-of-an-irgc-linked-digital-asset-exchange"},{"credibility":2,"name":"OFAC Designates Iranian-Linked Crypto Exchanges - Chainalysis","type":"research","url":"https://www.chainalysis.com/blog/ofac-designates-iranian-crypto-exchanges-january-2026/"},{"credibility":2,"name":"U.S. sanctions crypto exchanges tied to Iran for first time - CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2026/01/31/u-s-imposes-sanctions-on-crypto-exchanges-tied-to-iran-for-first-time"}]},{"content":"TRM Labs conducted blockchain analysis identifying approximately $1 billion in IRGC-associated cryptocurrency flows through Zedcex and Zedxion between 2023 and 2025. In 2023, $23.7 million passed through IRGC-linked addresses, representing 60% of the exchanges' combined transaction activity. In 2024, this figure rose approximately 2,500% to $619.1 million, constituting 87% of all transaction volume. In 2025, IRGC-linked flows totaled $410.4 million, representing approximately 48% of activity. The overall IRGC-associated share across the full period was approximately 56% of the combined exchange volume. Despite filing as dormant companies with UK Companies House, Zedcex alone processed over $94 billion in total transactions since its August 2022 registration. Nearly all IRGC-linked funds moved in USDT (Tether) on the TRON blockchain, which offers deep liquidity, low transaction costs, and widespread acceptance among over-the-counter brokers. OFAC designated seven specific TRON (TRX) addresses associated with the Zedcex network. Elliptic analysis found that the seven OFAC-listed addresses collectively processed over $389 million, with a single address (TLvuvpfBKdxddxSsJefeiGCe9eVY8HUroE) receiving $149.3 million. One of the designated addresses had been blacklisted by Tether in June 2025. Israeli authorities under Administrative Seizure Order ASO-43/25 (September 1, 2025) had previously identified Zedcex-attributed wallets as IRGC property.","heading":"On-Chain Activity and IRGC-Linked Transaction Flows","severity":"critical","sources":[{"credibility":2,"name":"How Two UK-registered Companies Moved Over a Billion in Stablecoins for the IRGC - TRM Labs","type":"research","url":"https://www.trmlabs.com/resources/blog/how-two-uk-registered-companies-moved-over-a-billion-in-stablecoins-for-the-irgc"},{"credibility":2,"name":"OFAC sanctions exchanges Zedcex and Zedxion for assisting in Iranian sanctions evasion and IRGC operations - Elliptic","type":"research","url":"https://www.elliptic.co/blog/ofac-sanctions-exchanges-zedcex-and-zedxion-for-assisting-in-iranian-sanctions-evasion-and-irgc-operations"},{"credibility":2,"name":"OFAC Designates Iranian-Linked Crypto Exchanges - Chainalysis","type":"research","url":"https://www.chainalysis.com/blog/ofac-designates-iranian-crypto-exchanges-january-2026/"},{"credibility":1,"name":"Zedcex Exchange Ltd - OpenSanctions (SDN data, TRX addresses)","type":"regulatory","url":"https://www.opensanctions.org/entities/NK-hzhRKcbaH3JJDgW6PePKGw/"}]},{"content":"TRM Labs identified direct transfers exceeding $10 million in USDT from wallets dually attributable to Zedcex and the IRGC to addresses controlled by Sa'id Ahmad Muhammad al-Jamal, who had been previously designated by the U.S. Treasury for providing material support to the IRGC and for operating a smuggling network generating revenue for Houthi forces in Yemen. Critically, these transfers did not route through brokers, mixers, or aggregation wallets; the direct routing pattern indicates deliberate use of Zedcex infrastructure as an active funding rail for sanctioned proxy groups rather than incidental exposure. This constituted the most direct evidence of Zedcex facilitating financing beyond IRGC-core operations to include Iran's regional proxies.","heading":"Proxy and Terrorist Financing: Houthi Connection","severity":"critical","sources":[{"credibility":2,"name":"How Two UK-registered Companies Moved Over a Billion in Stablecoins for the IRGC - TRM Labs","type":"research","url":"https://www.trmlabs.com/resources/blog/how-two-uk-registered-companies-moved-over-a-billion-in-stablecoins-for-the-irgc"},{"credibility":2,"name":"OFAC announces new crypto addresses linked to Iranian financier of Houthi militant group - Elliptic","type":"research","url":"https://www.elliptic.co/blog/ofac-announces-new-crypto-addresses-linked-to-iranian-financier-of-houthi-militant-group"}]},{"content":"Zedxion Exchange Ltd. was incorporated in England and Wales in May 2021 (Companies House number 13404089), and Zedcex Exchange Ltd. was incorporated in August 2022 (Companies House number 14311274), days after Babak Morteza Zanjani resigned his directorship from Zedxion in August 2022. Both entities shared the same registered address at 71-75 Shelton Street, London WC2H 9JQ, a known virtual office location. Both filed as dormant companies while processing billions of dollars in transactions. The UK's Companies House lacked identity verification requirements for director filings at the time of incorporation (mandatory identity checks were only introduced in November 2025 under the Economic Crime and Corporate Transparency Act 2023). Investigators from the Organized Crime and Corruption Reporting Project (OCCRP) found that Zedxion's listed director and 'Person with Significant Control,' named 'Elizabeth Newman' and described as a Dominican national, was almost certainly a fictitious identity. Investigators found no passport records, migration history, or other evidence that such a person exists. Stock footage from Shutterstock (labeled 'Pretty black woman talking to camera') was used in Zedxion's promotional materials to portray the fake executive; other alleged team members also appeared as generic stock video clips. Iran International separately reported that investigators identified a Zedxion Telegram channel post from May 2024 showing a white cat with a distinctive purple bell collar; a nearly identical cat in the same collar appeared in photographs on the Facebook account of an individual named Solmaz Bani, posted in February 2025, providing a potential real-world link to the operation. Babak Morteza (whose identifying details match those of Zanjani) was listed as Zedxion's 'Person with Significant Control' from October 2021 to August 2022, and his name remained in the exchange's white paper metadata after his departure. Zedcex was incorporated days after Zanjani's resignation from Zedxion, consistent with a deliberate structural succession to maintain operational continuity while obscuring the principal's identity.","heading":"Corporate Structure and Shell Company Fraud","severity":"critical","sources":[{"credibility":1,"name":"UK to Dissolve Crypto Exchange Accused of Funding Iran's Revolutionary Guard - OCCRP","type":"news_article","url":"https://www.occrp.org/en/news/uk-to-dissolve-crypto-exchange-accused-of-funding-irans-revolutionary-guard"},{"credibility":2,"name":"Fake CEO and cat photos help uncover billion-dollar IRGC crypto network - Iran International","type":"news_article","url":"https://www.iranintl.com/en/202602279443"},{"credibility":1,"name":"ZEDCEX EXCHANGE LTD overview - UK Companies House","type":"official","url":"https://find-and-update.company-information.service.gov.uk/company/14311274"},{"credibility":1,"name":"ZEDXION EXCHANGE LTD overview - UK Companies House","type":"official","url":"https://find-and-update.company-information.service.gov.uk/company/13404089"},{"credibility":2,"name":"How Two UK-registered Companies Moved Over a Billion in Stablecoins for the IRGC - TRM Labs","type":"research","url":"https://www.trmlabs.com/resources/blog/how-two-uk-registered-companies-moved-over-a-billion-in-stablecoins-for-the-irgc"}]},{"content":"Babak Morteza Zanjani (born March 12, 1974) is an Iranian businessman and financier who rose to wealth through the oil trade, heading the UAE-based Sorinet Group, one of Iran's largest business conglomerates. On April 11, 2013, OFAC designated Zanjani under Executive Order 13382 for acting as a financial facilitator for the IRGC, accused of moving billions of dollars in Iranian oil revenue and channeling funds to IRGC-linked entities. His OFAC designation was removed in 2016 under Joint Comprehensive Plan of Action (JCPOA)-related delisting. In late 2013, Iranian authorities arrested Zanjani on allegations of embezzling approximately $2.7 billion belonging to Iran's Ministry of Petroleum (National Oil Company). He was convicted of corruption and sentenced to death in 2016. In April 2024, following return of approximately $2.1 billion in assets, his death sentence was commuted to 20 years of imprisonment. By 2025, Zanjani had re-emerged as a financial backer of Iran's largest railway investment and was described as advising Iran's Central Bank governor on blockchain infrastructure. On January 30, 2026, OFAC re-designated Zanjani, citing that he had been 'freed from imprisonment in order to launder money for the regime' and had 'provided financial backing for major projects that support the IRGC.' The Treasury press release described him as a 'criminal Iranian investor' operating across hospitality, transportation, technology, financial services, and oil exports. His role in the Zedcex/Zedxion network was as both an original director (Zedxion, October 2021 to August 2022) and an alleged financial backer; corporate evidence connects him directly to the continuity between the two entities.","heading":"Babak Morteza Zanjani: Background and Role","severity":"critical","sources":[{"credibility":3,"name":"Babak Zanjani - Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/Babak_Zanjani"},{"credibility":1,"name":"Treasury Sanctions Iranian Regime Officials for Violent Repression and Corruption - U.S. Treasury (via GlobalSecurity)","type":"regulatory","url":"https://www.globalsecurity.org/wmd/library/news/iran/2026/01/iran-260130-treasury01.htm"},{"credibility":2,"name":"Iran recruits convicted sanctions evasion tycoon back into regime - Iran International","type":"news_article","url":"https://www.iranintl.com/en/202508266131"},{"credibility":2,"name":"OFAC Designates Iranian-Linked Crypto Exchanges - Chainalysis","type":"research","url":"https://www.chainalysis.com/blog/ofac-designates-iranian-crypto-exchanges-january-2026/"}]},{"content":"Following the January 2026 OFAC designation and subsequent investigative reporting by OCCRP, the UK's Companies House moved in March 2026 to forcibly dissolve Zedxion Exchange Ltd. under Section 1002A of the Companies Act 2006, citing that 'information or a statement in an application for incorporation' was 'misleading, false or deceptive.' A first gazette notice for compulsory strike-off was issued. OCCRP's investigation, published shortly before the Companies House action, exposed the fraudulent directorship and the use of stock photography to portray a fictitious director. The dissolution action was also in the context of broader UK enforcement efforts under the Economic Crime and Corporate Transparency Act 2023, which introduced mandatory identity verification for company directors from November 2025 — a requirement that was not in place when either Zedxion (2021) or Zedcex (2022) were incorporated.","heading":"UK Regulatory and Dissolution Actions","severity":"high","sources":[{"credibility":2,"name":"UK to Dissolve Crypto Exchange Accused of Aiding Iranian Sanctions Evasion - Decrypt","type":"news_article","url":"https://decrypt.co/361725/uk-to-dissolve-crypto-exchange-accused-of-aiding-iranian-sanctions-evasion"},{"credibility":2,"name":"UK Cracks Down on Zedxion Linked to Iran's Revolutionary Guards - CryptoTimes","type":"news_article","url":"https://www.cryptotimes.io/2026/03/20/uk-cracks-down-on-zedxion-linked-to-irans-revolutionary-guards/"},{"credibility":1,"name":"UK to Dissolve Crypto Exchange Accused of Funding Iran's Revolutionary Guard - OCCRP","type":"news_article","url":"https://www.occrp.org/en/news/uk-to-dissolve-crypto-exchange-accused-of-funding-irans-revolutionary-guard"},{"credibility":1,"name":"ZEDXION EXCHANGE LTD people - UK Companies House","type":"official","url":"https://find-and-update.company-information.service.gov.uk/company/13404089/officers"}]},{"content":"Prior to the OFAC action, Israel's National Bureau for Counter Terror Financing (NBCTF) independently identified Zedcex-attributed wallet addresses as IRGC property. On September 1, 2025, NBCTF issued Administrative Seizure Order ASO-43/25, listing 187 crypto addresses affiliated with the IRGC, including wallets directly connected to Zedcex infrastructure. Elliptic also noted that a Zedcex-attributed address had been blacklisted by Tether in June 2025. In March 2026, following the OFAC designation, Israel added Zedcex Exchange Ltd. to its sanctions designations through NBCTF.","heading":"Israeli Designations","severity":"high","sources":[{"credibility":2,"name":"OFAC sanctions exchanges Zedcex and Zedxion for assisting in Iranian sanctions evasion and IRGC operations - Elliptic","type":"research","url":"https://www.elliptic.co/blog/ofac-sanctions-exchanges-zedcex-and-zedxion-for-assisting-in-iranian-sanctions-evasion-and-irgc-operations"},{"credibility":1,"name":"Zedcex Exchange Ltd - OpenSanctions","type":"regulatory","url":"https://www.opensanctions.org/entities/NK-hzhRKcbaH3JJDgW6PePKGw/"}]},{"content":"Zedxion marketed a proprietary token called Zedxion (USDZ), promoted as a dollar-pegged stablecoin. The token was marketed through Persian-language Telegram channels, where users discussed secondary trading and swaps into more established cryptocurrencies. Zedcex additionally listed a cryptocurrency token denominated 'BRENT CRUDE OIL PRICE (Zedcex),' which was referenced in OFAC's SDN listing description of Zedcex Exchange Ltd. as an issuer of this asset. The presence of a proprietary oil-price-linked token is consistent with broader documented patterns of Iran using crypto infrastructure to facilitate oil revenue collection and foreign exchange management.","heading":"Zedxion Token (USDZ) and Product Offerings","severity":"high","sources":[{"credibility":2,"name":"How Two UK-registered Companies Moved Over a Billion in Stablecoins for the IRGC - TRM Labs","type":"research","url":"https://www.trmlabs.com/resources/blog/how-two-uk-registered-companies-moved-over-a-billion-in-stablecoins-for-the-irgc"},{"credibility":1,"name":"Zedcex Exchange Ltd - OpenSanctions (SDN description: issuer of BRENT CRUDE OIL PRICE token)","type":"regulatory","url":"https://www.opensanctions.org/entities/NK-hzhRKcbaH3JJDgW6PePKGw/"},{"credibility":3,"name":"CRUDE OIL BRENT (Zedcex) price listing - Coinbase","type":"other","url":"https://www.coinbase.com/price/crude-oil-brent-zedcex"}]},{"content":"On May 11, 2026, the Financial Crimes Enforcement Network (FinCEN) issued an alert to financial institutions identifying IRGC funding streams and procurement networks, explicitly naming Zedcex Exchange Ltd. and Zedxion Exchange Ltd. as examples of UK-registered digital asset exchanges that had been designated by OFAC for facilitating IRGC-linked transactions. The alert identified 14 red flags that financial institutions should consider when assessing exposure to IRGC-related illicit finance, including six crypto-specific indicators: petroleum companies making atypical digital asset payments; stablecoin transactions from high-risk jurisdictions without clear source documentation; unusual stablecoin minting patterns by foreign entities; direct or indirect transactions with Iran-attributed digital asset addresses; cyber indicators suggesting Iranian IP addresses or VPN use combined with transaction evidence; and activity suggesting unregistered peer-to-peer exchangers or nested digital asset service providers. The alert specifically identified USDT on the TRON blockchain as disproportionately present in sanctioned and illicit flows. A separate April 2026 action saw $344 million in USDT frozen on TRON following the Zedcex/Zedxion designation enforcement.","heading":"FinCEN Alert and Broader Compliance Implications","severity":"high","sources":[{"credibility":1,"name":"FinCEN Alert on the Use of Front Companies and Digital Assets by the IRGC (May 2026)","type":"regulatory","url":"https://www.fincen.gov/system/files/2026-05/FinCEN-Alert-IRGC.pdf"},{"credibility":2,"name":"FinCEN Issues Alert on IRGC Money Laundering Through Front Companies, Financial Facilitators, and Digital Assets - Baker McKenzie Sanctions News","type":"news_article","url":"https://sanctionsnews.bakermckenzie.com/fincen-issues-alert-on-irgc-money-laundering-through-front-companies-financial-facilitators-and-digital-assets/"},{"credibility":2,"name":"Crypto exchanges sanctioned alongside Iranian officials in Trump administration's Iran crackdown - The Block","type":"news_article","url":"https://www.theblock.co/post/387935/crypto-exchanges-sanctioned-alongside-iranian-officials-in-trump-administrations-iran-crackdown"}]}],"sources_used":[{"credibility":1,"name":"Iran-related Designations; Counter Terrorism Designations; Non-Proliferation Designation Update - OFAC official action page","type":"regulatory","url":"https://ofac.treasury.gov/recent-actions/20260130"},{"credibility":1,"name":"Treasury Sanctions Iranian Regime Officials for Violent Repression and Corruption - U.S. Treasury (via GlobalSecurity)","type":"regulatory","url":"https://www.globalsecurity.org/wmd/library/news/iran/2026/01/iran-260130-treasury01.htm"},{"credibility":1,"name":"Federal Register Notice of OFAC Sanctions Action (2026-02-04)","type":"regulatory","url":"https://www.federalregister.gov/documents/2026/02/04/2026-02217/notice-of-ofac-sanctions-action"},{"credibility":1,"name":"FinCEN Alert on IRGC Money Laundering (May 2026)","type":"regulatory","url":"https://www.fincen.gov/system/files/2026-05/FinCEN-Alert-IRGC.pdf"},{"credibility":1,"name":"ZEDCEX EXCHANGE LTD overview - UK Companies House","type":"official","url":"https://find-and-update.company-information.service.gov.uk/company/14311274"},{"credibility":1,"name":"ZEDXION EXCHANGE LTD overview - UK Companies House","type":"official","url":"https://find-and-update.company-information.service.gov.uk/company/13404089"},{"credibility":1,"name":"ZEDXION EXCHANGE LTD people - UK Companies House","type":"official","url":"https://find-and-update.company-information.service.gov.uk/company/13404089/officers"},{"credibility":1,"name":"Zedcex Exchange Ltd - OpenSanctions","type":"regulatory","url":"https://www.opensanctions.org/entities/NK-hzhRKcbaH3JJDgW6PePKGw/"},{"credibility":1,"name":"UK to Dissolve Crypto Exchange Accused of Funding Iran's Revolutionary Guard - OCCRP","type":"news_article","url":"https://www.occrp.org/en/news/uk-to-dissolve-crypto-exchange-accused-of-funding-irans-revolutionary-guard"},{"credibility":2,"name":"OFAC Sanctions Zedcex and Zedxion in First-ever Designation of an IRGC-linked Digital Asset Exchange - TRM Labs","type":"research","url":"https://www.trmlabs.com/resources/blog/ofac-sanctions-zedcex-and-zedxion-in-first-ever-designation-of-an-irgc-linked-digital-asset-exchange"},{"credibility":2,"name":"How Two UK-registered Companies Moved Over a Billion in Stablecoins for the IRGC - TRM Labs","type":"research","url":"https://www.trmlabs.com/resources/blog/how-two-uk-registered-companies-moved-over-a-billion-in-stablecoins-for-the-irgc"},{"credibility":2,"name":"OFAC Designates Iranian-Linked Crypto Exchanges - Chainalysis","type":"research","url":"https://www.chainalysis.com/blog/ofac-designates-iranian-crypto-exchanges-january-2026/"},{"credibility":2,"name":"OFAC sanctions exchanges Zedcex and Zedxion for assisting in Iranian sanctions evasion and IRGC operations - Elliptic","type":"research","url":"https://www.elliptic.co/blog/ofac-sanctions-exchanges-zedcex-and-zedxion-for-assisting-in-iranian-sanctions-evasion-and-irgc-operations"},{"credibility":2,"name":"U.S. sanctions crypto exchanges tied to Iran for first time - CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2026/01/31/u-s-imposes-sanctions-on-crypto-exchanges-tied-to-iran-for-first-time"},{"credibility":2,"name":"Crypto exchanges sanctioned alongside Iranian officials in Trump administration's Iran crackdown - The Block","type":"news_article","url":"https://www.theblock.co/post/387935/crypto-exchanges-sanctioned-alongside-iranian-officials-in-trump-administrations-iran-crackdown"},{"credibility":2,"name":"Fake CEO and cat photos help uncover billion-dollar IRGC crypto network - Iran International","type":"news_article","url":"https://www.iranintl.com/en/202602279443"},{"credibility":2,"name":"UK to Dissolve Crypto Exchange Accused of Aiding Iranian Sanctions Evasion - Decrypt","type":"news_article","url":"https://decrypt.co/361725/uk-to-dissolve-crypto-exchange-accused-of-aiding-iranian-sanctions-evasion"},{"credibility":2,"name":"UK Cracks Down on Zedxion Linked to Iran's Revolutionary Guards - CryptoTimes","type":"news_article","url":"https://www.cryptotimes.io/2026/03/20/uk-cracks-down-on-zedxion-linked-to-irans-revolutionary-guards/"},{"credibility":2,"name":"Iran recruits convicted sanctions evasion tycoon back into regime - Iran International","type":"news_article","url":"https://www.iranintl.com/en/202508266131"},{"credibility":2,"name":"FinCEN Issues Alert on IRGC Money Laundering - Baker McKenzie Sanctions News","type":"news_article","url":"https://sanctionsnews.bakermckenzie.com/fincen-issues-alert-on-irgc-money-laundering-through-front-companies-financial-facilitators-and-digital-assets/"},{"credibility":2,"name":"Two UK-Registered Companies Moved $1B in Stablecoins for Iran - Decrypt","type":"news_article","url":"https://decrypt.co/354260/two-uk-registered-companies-moved-1b-in-stablecoins-for-iran-report"},{"credibility":2,"name":"US Treasury Sanctions Iran-Linked Crypto Exchanges for First Time - CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/us-treasury-sanctions-iran-linked-crypto-exchanges-first-time"},{"credibility":2,"name":"Fake UK executive fronted $1 b. IRGC crypto scheme - The Jerusalem Post","type":"news_article","url":"https://www.jpost.com/middle-east/iran-news/article-888675"},{"credibility":2,"name":"OFAC announces new crypto addresses linked to Iranian financier of Houthi militant group - Elliptic","type":"research","url":"https://www.elliptic.co/blog/ofac-announces-new-crypto-addresses-linked-to-iranian-financier-of-houthi-militant-group"},{"credibility":3,"name":"Babak Zanjani - Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/Babak_Zanjani"}],"summary":"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.","timeline":[{"date":"2013-04-11","event":"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.","source":"U.S. Department of the Treasury / GlobalSecurity","source_url":"https://www.globalsecurity.org/wmd/library/news/iran/2026/01/iran-260130-treasury01.htm"},{"date":"2013-01-01","event":"Babak Morteza Zanjani arrested in Iran on allegations of embezzling approximately $2.7 billion from Iran's National Oil Company.","source":"Wikipedia / Iran International","source_url":"https://en.wikipedia.org/wiki/Babak_Zanjani"},{"date":"2016-01-01","event":"OFAC removes Zanjani from the SDN list as part of JCPOA-related delisting. Iranian court sentences him to death for corruption.","source":"Chainalysis / TRM Labs","source_url":"https://www.chainalysis.com/blog/ofac-designates-iranian-crypto-exchanges-january-2026/"},{"date":"2021-05-01","event":"Zedxion Exchange Ltd. incorporated in England and Wales (Companies House number 13404089).","source":"UK Companies House","source_url":"https://find-and-update.company-information.service.gov.uk/company/13404089"},{"date":"2021-10-01","event":"Babak Morteza (identifying details matching Zanjani) listed as director and Person with Significant Control of Zedxion Exchange Ltd.","source":"OCCRP / TRM Labs","source_url":"https://www.occrp.org/en/news/uk-to-dissolve-crypto-exchange-accused-of-funding-irans-revolutionary-guard"},{"date":"2022-08-01","event":"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).","source":"UK Companies House / TRM Labs","source_url":"https://find-and-update.company-information.service.gov.uk/company/14311274"},{"date":"2024-04-30","event":"Iran's Supreme Court commutes Zanjani's death sentence to 20 years of imprisonment after he returns approximately $2.1 billion in assets.","source":"Iran International","source_url":"https://www.iranintl.com/en/202508266131"},{"date":"2024-01-01","event":"IRGC-linked transaction flows through Zedcex/Zedxion peak at $619.1 million, representing 87% of all exchange activity for the year.","source":"TRM Labs","source_url":"https://www.trmlabs.com/resources/blog/how-two-uk-registered-companies-moved-over-a-billion-in-stablecoins-for-the-irgc"},{"date":"2024-12-01","event":"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.","source":"TRM Labs","source_url":"https://www.trmlabs.com/resources/blog/how-two-uk-registered-companies-moved-over-a-billion-in-stablecoins-for-the-irgc"},{"date":"2025-06-01","event":"Tether blacklists at least one Zedcex-attributed TRON address.","source":"Elliptic","source_url":"https://www.elliptic.co/blog/ofac-sanctions-exchanges-zedcex-and-zedxion-for-assisting-in-iranian-sanctions-evasion-and-irgc-operations"},{"date":"2025-09-01","event":"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.","source":"Elliptic / OpenSanctions","source_url":"https://www.opensanctions.org/entities/NK-hzhRKcbaH3JJDgW6PePKGw/"},{"date":"2026-01-09","event":"TRM Labs publishes detailed blockchain analysis identifying approximately $1 billion in IRGC-linked flows through Zedcex and Zedxion between 2023 and 2025.","source":"TRM Labs / DNYUZ","source_url":"https://dnyuz.com/2026/01/09/irans-revolutionary-guard-used-crypto-to-evade-sanctions-report-finds/"},{"date":"2026-01-30","event":"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.","source":"U.S. Department of the Treasury / OFAC","source_url":"https://ofac.treasury.gov/recent-actions/20260130"},{"date":"2026-02-04","event":"Federal Register publishes notice of OFAC sanctions action against Zedcex, Zedxion, and Babak Morteza Zanjani.","source":"Federal Register","source_url":"https://www.federalregister.gov/documents/2026/02/04/2026-02217/notice-of-ofac-sanctions-action"},{"date":"2026-03-20","event":"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.","source":"CryptoTimes / Decrypt / OCCRP","source_url":"https://www.cryptotimes.io/2026/03/20/uk-cracks-down-on-zedxion-linked-to-irans-revolutionary-guards/"},{"date":"2026-03-25","event":"Israel's NBCTF adds Zedcex Exchange Ltd. to its sanctions designations.","source":"OpenSanctions","source_url":"https://www.opensanctions.org/entities/NK-hzhRKcbaH3JJDgW6PePKGw/"},{"date":"2026-05-11","event":"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.","source":"FinCEN","source_url":"https://www.fincen.gov/system/files/2026-05/FinCEN-Alert-IRGC.pdf"}]},"v":1}

   Verify offline (run on your own machine)

   python -m src.verify_decision ce2d7dc3-dbef-47ed-a212-6080e2004a61copy