The US Treasury’s Office of Foreign Assets Control has sanctioned two cryptocurrency exchanges registered in the UK for allegedly assisting Iran in evading international sanctions.
This is the first time that digital asset exchanges have been punished directly for activities relating to Iran.
OFAC designated Zedcex Exchange Ltd. and Zedxion Exchange Ltd., accusing them of processing transactions tied to Iran’s financial system and the Islamic Revolutionary Guard Corps.
Treasury Secretary Scott Bessent said Iran is increasingly using digital assets to move funds covertly.
On-chain data suggests Zedcex processed billions of dollars in transactions and interacted with sanctioned entities.
OFAC also identified several Tron wallet addresses allegedly linked to the network. Zedxion was earlier associated with Iranian businessman Babak Zanjani, a known sanctions evader.
The action shows the increased global monitoring of cryptocurrency platforms. Regulators are encouraging exchanges to increase identification checks and transaction monitoring to prevent misuse by sanctioned players and state-backed networks.
You need to login in order to Like
Leave a comment