Companies House, the UK’s corporate registry, has initiated proceedings to dissolve Zedxion Exchange Ltd., a cryptocurrency platform previously sanctioned by the US Treasury’s Office of Foreign Assets Control in January for allegedly helping Iran evade international sanctions. The registry cited misleading or false information submitted during incorporation as grounds for the action.
Investigators found that Zedxion’s listed director, Elizabeth Newman, described as a Dominican national, was likely a fictitious identity, with the company reportedly using a stock image to represent her. Earlier filings listed a “Babak Morteza” as director, whose identifying details match those of sanctioned Iranian financier Babak Zanjani.
Blockchain analytics firm TRM Labs found that Zedxion and its sister platform Zedcex processed roughly $1 billion in funds linked to the Islamic Revolutionary Guard Corps, representing about 56% of total transaction volume. The dissolution is part of broader reforms under the Economic Crime and Corporate Transparency Act 2023.
Originally reported by Decrypt.
