Catenaa, Friday, January 16, 2026-Iran’s Islamic Revolutionary Guard Corps reportedly moved roughly $1 billion through two UK-registered cryptocurrency exchanges since 2023, bypassing international sanctions, according to TRM Labs analysis cited by The Washington Post.
The exchanges, Zedcex and Zedxion, operate under the same management, with IRGC-linked transactions making up 56% of total volume between 2023 and 2025. Most transfers used Tether (USDT) on the Tron network.
Activity surged from $24 million in 2023 to $619 million in 2024 and $410 million in 2025, indicating Iran is building a dedicated crypto-based financial channel to evade sanctions.
The IRGC faces extensive US and Western sanctions over its nuclear program and support for groups designated as terrorist organizations, including Hamas, Houthis, and Hezbollah.
Reports indicate Iran is exploring crypto payments for advanced weapons sales.
TRM Labs traced 187 wallet addresses linked to the IRGC and identified transactions including a $10 million payment to a Yemeni national sanctioned for funding the Houthis.
The exchanges were also tied to Iranian businessman Babak Zanjani, previously involved in sanction-evasion schemes.
Zedcex claims to block users in Iran, while Zedxion does not. Both exchanges assert compliance with anti-money-laundering regulations. The Iranian mission to the UN and the UK Treasury’s sanctions office declined comment.
The findings highlight the growing use of digital assets by sanctioned entities to bypass international financial restrictions.
