UK to Dissolve Crypto Exchange Accused of Aiding Iranian Sanctions Evasion
By Callan Quinn
Published on March 19, 2026.
The UK's company register, Companies House, has moved to dissolve Zedxion Exchange Ltd., a cryptocurrency platform accused of assisting Iran's Islamic Revolutionary Guard Corps (IRGC) in evading sanctions. The move follows U.S. sanctions imposed in January by the Treasury’s Office of Foreign Assets Control (OFAC), which designated the company and related entity, Zedcex, for their alleged role in enabling Iran to evade sanctions and for their links to sanctioned financier Babak Zanjani. The company's listed director and person with significant control, Elizabeth Newman, was likely a fictitious identity. Companies House stated that the shutdown was due to information in an application for incorporation that was misleading, false or deceptive. The firm processed roughly $1 billion in funds linked to the IRGC, accounting for about 56% of their total transaction volume.
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