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US Treasury Sanctions Zedcex and Zedxion Exchanges Over Iran Links

US Treasury Sanctions Zedcex and Zedxion Exchanges Over Iran Links

The U.S. Treasury’s OFAC blacklisted UK-based crypto exchanges Zedcex and Zedxion for allegedly aiding Iran’s IRGC, marking the first Iran-specific sanctions against entire exchange entities.

Fact Check
The evidence provided overwhelmingly and directly supports the statement's truthfulness. The most authoritative source is an official U.S. Treasury press release, which is a primary source confirming that sanctions were imposed on the cryptocurrency exchanges Zedcex and Zedxion. It explicitly cites their role in processing funds for wallets linked to Iran's Islamic Revolutionary Guard Corps (IRGC). This single source is sufficient to verify the statement completely. Furthermore, all other sources, despite varying in authority from an official OFAC notice to news media and social media posts, are entirely consistent with this primary source. They all corroborate the key facts: the U.S. Treasury was the sanctioning body, the targets were Zedcex and Zedxion, and the reason was their connection to Iran. There are no contradictions or conflicting pieces of evidence among the provided sources. The high authority of the primary source, combined with the unanimous agreement across all secondary sources, leads to a high degree of confidence in the statement's accuracy.
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Summary

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned UK-based cryptocurrency exchanges Zedcex and Zedxion for allegedly facilitating transactions for Iran’s Islamic Revolutionary Guard Corps (IRGC) and linking to convicted Iranian businessman Babak Morteza Zanjani. Since its 2022 registration, one exchange processed over $94 billion in transactions. The designation freezes all U.S.-linked assets and prohibits American individuals and entities from engaging with them. This marks the first time OFAC has sanctioned entire crypto exchange entities under Iran-specific financial sanctions, expanding beyond previous actions against individual wallets or technology providers.

Terms & Concepts
  • OFAC: The Office of Foreign Assets Control, a U.S. agency enforcing economic and trade sanctions against targeted foreign countries and entities.
  • Sanctions: Economic and legal penalties imposed by governments to restrict trade and financial activities with targeted countries, individuals, or entities.
  • Islamic Revolutionary Guard Corps (IRGC): A branch of Iran’s armed forces designated by the U.S. and EU as a terrorist organization, involved in military, political, and economic activities.