IRGC Moves $1 Billion Crypto Via UK Hubs to Dodge Sanctions

Iran’s elite Revolutionary Guard Corps funneled nearly $1 billion through two UK-registered crypto exchanges to skirt global sanctions. Blockchain experts at TRM Labs uncovered the scheme spanning 2023 to 2025. This bold use of digital money shows how sanctioned groups exploit fast-growing crypto networks right under regulators’ noses.

Zedcex and Zedxion stand at the center of this operation. These exchanges, set up in Britain, handled huge sums tied to the IRGC. The Guard’s linked transactions made up 56 percent of their total volume over three years.

Funds flowed mostly as Tether stablecoins on the Tron blockchain. This setup let the IRGC move money quickly and cheaply across borders.

One key fact jumps out. The activity exploded in 2024, hitting a peak share of 87 percent of the platforms’ trades.

TRM Labs tracked wallets on Zedcex that matched ones Israel flagged as IRGC property. Some even faced freezes from Tether itself.

Yearly Breakdown Reveals Sharp Rise

The numbers tell a clear story of growing reliance on these hubs.

In 2023, flows stayed small at first. But they rocketed the next year as the Guard ramped up.

By 2025, other users boosted the platforms’ activity. Still, the IRGC cut held strong.

This table highlights the steady build. It proves these exchanges served as a key pipeline for sanctioned cash.

On-Chain Clues Link Exchanges to Guard

TRM Labs dug deep into blockchain records. They spotted patterns no honest trader would show.

Wallets tied to Zedcex fed straight into IRGC addresses. These matched Israel’s seizure order from September 2025.

Funds then hit Iranian platforms like Nobitex and Wallex. Aban Tether got a slice too.

Over $10 million went direct to a Houthi backer blacklisted by the US Treasury. No mixers hid the trail.

The exchanges share roots. Zedxion started in 2021. Zedcex popped up in 2022 at the same virtual office.

Both filed as dormant in the UK. No real trading there, just shells for global ops.

Sanction Dodger Zanjani Looms Large

Babak Zanjani ties it all together. This Iranian fixer once faced death for oil scams but bounced back.

He ran Zedxion early on. Then he stepped out as Zedcex launched under similar control.

Zanjani pushes blockchain for Iran’s bank. His group spans crypto to airlines.

Links reach Turkey too. Zedpay there bridged to banks under watch for Iran deals.

Exchanges claim they follow anti-money rules. But they skipped comment on the report.

Zedcex bans Iran users on paper. Zedxion stays quiet on that.

Crypto’s Dark Side Hits Home

Regulators now face a tough fight. UK setups let bad actors hide easy.

The IRGC ranks as a terror group to the US and allies. It funds proxies and spies worldwide.

Crypto speeds this up. Stablecoins dodge banks and borders.

Users pay the price. Tainted coins can freeze your wallet overnight.

Platforms must step up checks. Or more scandals like this will shake trust.

This case pushes for better rules. It shows crypto’s power for good and ill.

Lawmakers eye fixes. Blockchain tools like TRM’s offer hope to spot risks early.

In the end, the IRGC’s billion-dollar crypto run exposes cracks in the system that everyday traders and investors must navigate. It stirs outrage at how terror cash slips free, yet sparks hope as watchdogs close in.