British authorities have shutdown cryptocurrency exchange Zedxion, accusing it of processing funds for Iran’s Islamic Revolutionary Guard.
According to a statement, the British government has shutdown Zedxion due to “information or a statement in an application for incorporation that is misleading, false or deceptive.”
Media reports say that Zedxion processed about $1 billion U.S. in funds for Iran’s Islamic Revolutionary Guard military unit.
More From Cryptoprowl:
The funds diverted to Iran accounted for about 56% of the platforms’ total transaction volume, according to the British government’s allegations.
Launched in 2021, Zedxion Exchange listed Babak Morteza as both a director and person with significant control over the company. He is an Iranian businessman previously accused of sanctions violations.
The action in the U.K. comes after the U.S. Treasury Department targeted Zedxion for helping Iran evade international sanctions.
Zedxion has previously been sanctioned by the European Union (EU) for laundering billions in oil revenue on behalf of Iranian state entities.
Governments around the world are scrutinizing cryptocurrency exchanges amid accusations that they are helping to send funds to Iran, which is at war with the U.S. and Israel.
Binance, the world’s largest crypto exchange, is being investigated by the U.S. government for potentially sending money to Iran through accounts on its platform. Binance denies those allegations.
Zedxion was a private company whose stock didn’t trade on a public exchange.
