Britain’s corporate registry, Companies House, has started the process of closing down Zedxion Exchange Ltd, a crypto exchange operating in the UK.
The crypto exchange has been said to be linked to an Iranian sanctions network that is now facing possible shutdown.
According to the United Kingdom authorities, the move to dissolve this company is tied to a wider investigation into illicit crypto flows. The action comes after investigations came up on how the platform was helping process funds connected to Iran’s Islamic Revolutionary Guard Corps.
Source: GOV.UK
The crackdown on the case was organized by the Crime and Corruption Reporting Project, and based on their funds, the company’s supposed director, “Elizabeth Newman,” does not exist. Yet, the identity was built using stock footage images.
Also Read: Crypto Exchanges Face Compliance Risks Amid US Iran Sanctions Probe
According to findings, Zedxion and another related platform, Zedcex, were allegedly part of a financial network that is linked to Babak Zanjani, a controversial Iranian businessman. Previously, he was accused by U.S. authorities of helping move billions of dollars in digital assets on behalf of Iran’s government, particularly entities tied to the Islamic Revolutionary Guard Corps.
Source: OCCRP.ORG
The U.S. Treasury claims these platforms were used to bypass international sanctions, and they did this by moving money through the crypto market.
Fake Identity at the Center of the Crypto Exchange Operations
One of the most striking parts of the whole interview involved the use of a fake executive identity.
The name “Elizabeth Newman” was listed in official filings as the director and person who had significant control over the companies.
However, during the investigations, the investigators could not find any real person matching this identity. All they found were images traced back to stock footage libraries, suggesting the role was fictional.
If the dissolution process is completed, Zedxion will no longer be allowed to operate as a registered company in the UK. However, investigators believe that significant amounts of money have already moved through the system, making the enforcement more difficult after the fact.
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