US Tightens Control Over Crypto Exchanges Working With Iran

The US Department of the Treasury continues to strengthen oversight of financial flows linked to Iran, and this time crypto exchanges have come under close scrutiny. In early February 2026, the Treasury announced sanctions against two UK-registered crypto exchanges — Zedcex Exchange Ltd. and Zedxion Exchange Ltd. According to US officials, both platforms are connected in some way to the company Zanjani, and processed large volumes of transactions controlled by organizations linked to the IRGC (Islamic Revolutionary Guard Corps).

The sanctions include asset freezes, prohibitions on any dealings with US persons and companies, and strict restrictions on international operations. OFAC (Office of Foreign Assets Control) noted that these measures aim to “cut off financial flows that allow Iranian elites to bypass international sanctions and enrich themselves at the expense of the Iranian people.”

According to the Treasury, since its registration in 2022, Zedcex alone processed transactions totaling over $94 billion. Most of these transactions, according to US estimates, were connected to IRGC-controlled entities, making the exchange a direct tool for sanctions evasion and alternative financing of Iranian networks.

US Treasury Secretary Scott Bessent stated: “We will continue to target Iranian networks and corrupt elites who use any means, including cryptocurrency, to bypass sanctions and enrich themselves at the expense of their citizens. This is part of our global strategy to counter the threats posed by the Iranian regime.”

According to OFAC, the sanctions against Zedcex and Zedxion are part of a broader package targeting Iranian officials and business figures “accused of brutally suppressing protests within the country and using alternative financial channels to bypass international restrictions.” Among those sanctioned are Iran’s Interior Minister Eskandar Momeni Kalagari and prominent businessman Babak Morteza Zanjani, previously convicted of embezzling billions of dollars from Iran’s national oil company revenues.

Key points of the situation:

1. First OFAC precedent for crypto exchanges related to Iran. Previously, sanctions mostly targeted banks, individuals, or offshore companies. Targeting crypto platforms demonstrates that the US recognizes the growing role of digital currencies in sanctions evasion.
2. Scale of operations. The $94 billion processed by Zedcex alone highlights how crypto exchanges can move massive amounts of funds outside traditional financial oversight.
3. Risk for the crypto market. These measures signal to other exchanges and investors the risks of operating in jurisdictions under international sanctions, potentially affecting reputation and international business opportunities.

Experts note that this case may serve as a signal to the global crypto market that regulators are increasingly monitoring cross-border flows of digital assets, especially if connected to sanctioned states or entities.

Thus, sanctions against Zedcex and Zedxion are not just a step against individual companies—they send a strong message to the entire crypto community: international financial regulators are ready to apply strict oversight to decentralized finance platforms if they are used to evade sanctions or fund prohibited activities.