Two companies registered in the United Kingdom moved large volumes of stablecoins on behalf of Iran’s Islamic Revolutionary Guard Corps, according to a report from TRM Labs.
The report identified Zedcex and Zedxion as operating together to facilitate sanctions evasion through crypto transfers.
TRM Labs said the firms moved $23.7m linked to the IRGC in 2023 before the figure surged to $619.1m in 2024.
The transfers accounted for 87% of all transactions processed by the two firms last year, the report said.
Zedcex and Zedxion were founded in 2021 and 2022 and shared the same registered address and similar financial filings.
Analysts said the activity highlights the scale of Iran’s reliance on crypto to bypass international sanctions.
Funds linked to the companies were traced to major Iranian crypto exchanges including Nobitex and Wallex.
Investigators also tracked $10m in crypto linked to a sanctioned individual accused of supporting the IRGC and Houthi operations.
This is not opportunistic crypto misuse—it’s a sanctioned military organization operating exchange-branded infrastructure offshore.
Ari Redbord said.
This case highlights why sanctions enforcement in crypto must move upstream to focus on infrastructure, governance, and ownership.
Ari Redbord added.