Iran’s IRGC Moves $1 Billion via UK Cryptocurrency Platforms

Iran’s Islamic Revolutionary Guard Corps (IRGC) leveraged two UK-registered cryptocurrency platforms, Zedcex and Zedxion, to move approximately $1 billion since 2023, according to TRM Labs.

The exchanges functioned as a single entity, facilitating transactions linked to sanctioned IRGC wallets and Iran-based crypto firms.
TRM traced activity by using small deposits/withdrawals, identifying connections to 187 wallet addresses marked as IRGC-controlled.

Transaction Details:

IRGC-related transactions made up 56% of these exchanges' volume from 2023–2025.
Transfers mainly involved USDT on the Tron chain, with $24 million in 2023, $619 million in 2024, and $410 million in 2025.

Compliance and Investigations:

Zedcex lists Iran as prohibited, but Zedxion does not have this restriction.
Neither exchange commented on inquiries from The Washington Post or U.K. Treasury’s Office of Financial Sanctions Implementation.
Ari Redbord of TRM highlighted the use of persistent crypto infrastructure by Iranian-linked actors.

Implications:

The findings indicate an evolved method for IRGC to bypass international sanctions using UK-registered crypto platforms.
This development represents a sophisticated approach compared to traditional shadow banking activities.