According to the U.S. Department of the Treasury, the Office of Foreign Assets Control (OFAC) has, for the first time, sanctioned two digital asset exchanges, Zedcex Exchange and Zedxion Exchange, linked to an Iranian businessman, Babak Morteza Zanjani. This marks OFAC's first sanctions against digital asset exchanges for operating within Iran's financial and economic sectors. Since its registration in August 2022, Zedcex has processed over $94 billion in transactions. Multiple addresses associated with these exchanges have facilitated transactions for wallets linked to the Iranian Islamic Revolutionary Guard Corps (IRGC). In addition, OFAC has sanctioned several Iranian officials, including Interior Minister Eskandar Momeni Kalagari, accusing them of being responsible for violent crackdowns within Iran.
U.S. Treasury Imposes Sanctions on UK-Based Zedcex and Zedxion Exchanges for Links to Iran
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Summary
The U.S. Treasury's Office of Foreign Assets Control (OFAC) has sanctioned UK-based cryptocurrency exchanges Zedcex and Zedxion for violations of digital asset regulations related to Iran. The exchanges are connected to Iranian businessman Babak Morteza Zanjani and have processed over $94 billion in transactions since 2022. Addresses associated with the platforms have supported wallets linked to Iran's Islamic Revolutionary Guard Corps (IRGC). OFAC also targeted Iranian Interior Minister Eskandar Momeni Kalagari for his role in violent crackdowns. The action underscores increasing scrutiny of liquidity and cryptocurrency markets in sanctioned regions.
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