On January 30, the US Treasury announced sanctions against two London-based cryptocurrency exchanges linked to Iranian officials, businessmen, and the Islamic Revolutionary Guards Corps (IRGC) for human rights abuses and illegal financial activities.
The designated exchanges are Zedcex and Zedxion, the agency’s Office of Foreign Assets Control (OFAC) said in a statement. The move is part of a broader campaign against Iranian authorities. After the crackdown on local protests.
Zedcex and Zedxion are two cryptocurrency exchanges registered in the UK. Since it was registered in 2022, The exchange has processed over $94 billion in tradesreported by the organization.
This indicates that multiple addresses belonging to Zedcex and Zedxion processed funds in IRGC-linked wallets. The group is considered a terrorist group by the United States, its European allies, and Canada.
OFAC also sanctioned businessman Babak Morteza Zanjani, who was originally listed as a director of Zedcex.. He is accused of “embezzling” billions of dollars in Iranian oil revenue. After being released from prison, they also function as financial intermediaries for the regime. Zanjani would have financed strategic projects that benefited the Revolutionary Guards and Iranian authorities.
Treasury Secretary Scott Bessent said in a statement that Iran is “wasting the rest of the country’s oil revenues on developing nuclear weapons, missiles, and terrorist agencies around the world.”
Bessent emphasized that President Donald Trump supports the Iranian people, which is why he ordered the Treasury Department to impose sanctions on members of his administration. “This includes the regime’s attempts to misuse digital assets to evade sanctions and fund cybercriminal activities,” he declared. He said the regime was transferring funds stolen from Iranian families to banks and financial institutions around the world.
The biggest use of these exchanges is related to the IRGC.
Previous reports by CriptoNoticias The TRM Institute assured that 87% of the operations of the aforementioned exchanges have a direct relationship with the IRGC.. Additionally, we took advantage of high liquidity and low transaction costs to send money in USDT through the TRON network.
“The Zeddex incident is not a typical crypto crime incident. There was no security breach or theft, nor was there a desperate attempt to launder money after the breach. Instead, it highlights a more complex risk: sanctioned military organizations operating crypto infrastructure under the brand name of an offshore exchange,” the report said.
The sanctions result in the loss of all assets and interests located in the United States or owned or controlled by U.S. persons that are subject to OFAC. they are blocked. Additionally, entities that are 50% or more owned, individually or jointly, directly or indirectly by one or more blocked persons are also blocked.
Unless permitted or exempted by OFAC, this regulation prohibits all transactions by or within (or through) the United States that involve ownership or interests in property of blocked persons.
Ministry of Finance announcement Comes amid rising tensions between the US and Irandays after Iran’s Deputy Foreign Minister Kazem Ghariabadi said war with Washington was more likely than negotiations.
(Tag Translate) Casa de Cambio (Exchange)
