TRM Labs released a new analysis showing that since 2023, Iran’s Islamic Revolutionary Guard Corps (IRGC) moved roughly $1 billion through two UK-registered cryptocurrency exchanges, Zedcex and Zedxion, to evade international sanctions. This finding underscores the role of these platforms in sanction evasion via digital assets. From 2023 to 2025, IRGC-related activity accounted for about 56% of the exchanges’ total trading volume, with the majority of trades moving on the Tron network to USDT. The analysis highlights the ongoing risk of sanctions evasion through cryptocurrency markets.
TRM Labs: IRGC Moves About $1B Through UK-Listed Exchanges
TRM Labs finds IRGC moved about $1B via two UK-registered crypto exchanges to evade sanctions, accounting for 56% of related trading since 2023.
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