UK Moves to Shut IRGC-Linked Zedxion Crypto Exchange
The UK has begun a compulsory strike-off against UK crypto exchange Zedxion Exchange Ltd after on-chain analytics linked it to Iran’s Islamic Revolutionary Guard Corps (IRGC). TRM Labs says that in 2024, nearly 90% of funds processed by the UK crypto exchange were IRGC-connected, with Zedxion and its affiliate Zedcex handling about $1 billion in flows.
In 2024, IRGC-linked payments accounted for roughly 87% of transactions; that share remains elevated into 2025 (about 48%). Investigators allege Zedxion filed false corporate information, including a likely fabricated director identity—“Elizabeth Newman”—possibly using a stock-photo image.
The UK action follows US sanctions. In January, the US Treasury’s OFAC designated Zedxion and Zedcex, citing links tied to Babak Zanjani and funding projects supporting the IRGC and wider Iranian government activities. For traders, this is another signal that UK and US compliance enforcement is tightening, raising the risk of sanctions-driven liquidity shocks and sudden delistings for any IRGC-linked counterparties.
Neutral
This news is mainly about enforcement and compliance: the UK is moving to remove Zedxion for alleged false filings and IRGC-linked transaction patterns, and the US previously added the entities to sanctions lists. Such actions can tighten on-ramps, reduce liquidity access for sanctioned or high-risk counterparties, and trigger volatility around the affected platforms. However, the articles do not name a specific traded cryptocurrency that would have a direct, measurable price impact, so the net effect on any single coin’s price is best treated as neutral. Traders should still watch for secondary effects (exchange risk re-pricing, routing changes, compliance-driven withdrawal/deposit constraints) that can indirectly affect broader market sentiment.