Britain’s corporate registry moved swiftly on or around 18 March 2026 to dissolve Zedxion Exchange Ltd under section 1002A of the Companies Act 2006, citing “misleading, false or deceptive” information in its incorporation filings. The action follows a January 30, 2026, OFAC sanctions designation of Zedxion, its sister firm Zedcex Exchange Ltd, and Iranian tycoon Babak Morteza Zanjani for operating in Iran’s financial sector and materially assisting the IRGC.
Blockchain analytics showed the platforms — which filed as “dormant” yet allegedly processed tens of billions in USDT — allegedly handled over $1 billion in IRGC-linked flows, including support for proxies like the Houthis. An OCCRP investigation exposed the listed director “Elizabeth Newman” as fictitious, with her image and profile drawn from stock footage and fabricated details. Zanjani, previously convicted of embezzlement in Iran, ostensibly had early directorship ties and promotional links to the exchanges.
The strike-off highlights the UK’s post-2023 reforms to combat fraudulent company registrations and transatlantic cooperation on crypto sanctions evasion. The case points to vulnerabilities in the pre-reform UK Companies House system, which allowed virtual offices and unverified identities to facilitate alleged sanctions-busting networks. Despite “dormant” filings at a Covent Garden address, the entities functioned as crypto clearing services for Iranian networks, moving funds that supported regime repression and proxy activities.
Zanjani has vehemently denied wrongdoing, while no public response has come from the exchanges. The dissolution removes the UK legal shell but does not freeze underlying blockchain assets already targeted by OFAC wallet designations. It signals heightened scrutiny on UK-registered crypto entities and may prompt further actions against Zedcex. Experts view this as a milestone in using corporate transparency laws alongside financial sanctions to disrupt state-linked illicit finance.
FAQ 🧭
- What triggered the UK dissolution of Zedxion?
- Companies House cited misleading or false information in the company’s incorporation documents, linked to the use of a fictitious director “Elizabeth Newman.” This follows the OCCRP exposé and OFAC sanctions.
- How much IRGC-linked money was allegedly processed?
- Blockchain analysis attributes approximately $1 billion in stablecoin flows (mainly USDT on TRON) to Zedxion and Zedcex infrastructure between 2023–2025, with IRGC activity dominating peak volumes.
- Who is Babak Zanjani?
- A sanctioned Iranian businessman and convicted embezzler released in 2024; OFAC alleges he used the exchanges to help Iran evade sanctions and finance the IRGC. He had early directorship ties to Zedxion.
- What is “Elizabeth Newman”?
- A fabricated identity used as director and Person with Significant Control; her promotional image was stock footage from Shutterstock, and no matching real person exists in official records.
