Gate News, March 21 — The UK regulators have ordered the closure of the cryptocurrency exchange Zedxion, accusing it of processing funds for the Iranian Islamic Revolutionary Guard Corps. An official statement said the reason for Zedxion’s closure was that “the information or statements in the company’s registration application were misleading, false, or deceptive.” It is reported that Zedxion handled approximately $1 billion for the IRGC, accounting for about 56% of the platform’s total trading volume. This UK action follows measures taken by the U.S. Treasury Department against Zedxion for assisting Iran in circumventing international sanctions. Previously, the European Union also imposed sanctions on Zedxion for helping Iranian state entities launder billions of dollars in oil revenues. Zedxion was founded in 2021, with Babak Morteza serving as director and major controller. He is an Iranian businessman who has been accused of violating international sanctions. Governments worldwide are increasing scrutiny of cryptocurrency exchanges to prevent them from funneling funds to Iran, which is at war with the United States and Israel.
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