The UK has shut down cryptocurrency exchange Zedxion, accusing it of providing financial services to Iran.

British regulators have ordered the closure of cryptocurrency exchange Zedxion, accusing it of handling funds for Iran's Islamic Revolutionary Guard Corps (IRGC). An official statement said Zedxion was shut down because "information or statements in its company registration application were misleading, false, or deceptive." Media reports indicate that Zedxion handled approximately $1 billion for the IRGC, representing about 56% of the platform's total trading volume. This action by the UK follows measures taken by the U.S. Treasury Department against Zedxion for allegedly assisting Iran in circumventing international sanctions. Previously, the European Union also imposed sanctions on Zedxion for helping Iranian state-owned entities launder billions of dollars in oil revenue. Founded in 2021, Zedxion has Babak Morteza, an Iranian businessman accused of violating international sanctions, as a director and major controller. Governments worldwide are increasing scrutiny of cryptocurrency exchanges to prevent them from channeling funds to Iran, which is at war with the United States and Israel. (Yahoo)