The United Kingdom’s corporate registry, Companies House, has initiated proceedings to dissolve Zedxion Exchange Ltd., a crypto platform previously sanctioned by United States authorities.
The move follows a January designation by the Office of Foreign Assets Control targeting Zedxion and its affiliated entity, Zedcex Exchange Ltd., for alleged involvement in Iran’s financial sector.
Officials stated that the dissolution was triggered by misleading and false information submitted during the company’s registration process.
Investigations revealed that the listed director, identified as Elizabeth Newman, appeared to be a fabricated identity supported by a stock image.
The individual was described in filings as a Dominican national and held significant control over the company despite lacking verifiable existence.
The case was uncovered through findings by the Organized Crime and Corruption Reporting Project, which highlighted inconsistencies in corporate records.
Blockchain analysis conducted by TRM Labs indicated that the exchanges processed around $1 billion in transactions linked to Iran’s Islamic Revolutionary Guard Corps.
This activity accounted for approximately 56% of total transaction volume and reportedly rose to 87% in 2024.
Data from regulators showed that Zedcex alone handled more than $94 billion in transactions since its registration in August 2022.
Authorities also identified seven cryptocurrency wallet addresses associated with the exchanges, primarily using Tether on the Tron network.
Both platforms were reportedly connected to Babak Zanjani, an Iranian financier previously sanctioned for ties to the IRGC.
Zanjani had initially been listed as a director of Zedxion before the company’s filings were amended.
Companies House is now using expanded powers under the Economic Crime and Corporate Transparency Act 2023 to strengthen oversight of company registrations.
Since November 2025, directors and individuals with significant control have been required to verify their identities to prevent misuse of corporate structures.
The registrar has also been granted authority to question and remove suspicious information without waiting for formal criminal proceedings.
Neither Zedxion nor Babak Zanjani responded to media enquiries prior to publication.