Sanctions on Iran-linked cryptocurrency exchanges from the US

The United States Treasury Department implemented its first cryptocurrency exchange sanctions in history, targeting platforms associated with Iran. The Office of Foreign Assets Control (OFAC) has added two exchanges named Zedcex and Zedxion to its blacklist, identified as having connections to the Islamic Revolutionary Guard Corps.

This development stands out as one of the most stringent measures taken by the U.S. against illegal financial activities in the cryptocurrency ecosystem. According to a statement from the Treasury Department, these exchanges have reached extraordinary trading volumes since their establishment in 2022. Notably, it was reported that one of these platforms executed transactions exceeding 94 billion dollars.

Authorities emphasized that a significant portion of these funds is being used by terrorist organizations and that they contribute to the Iran regime's efforts to evade international sanctions. It is stated that the exchanges added to the sanctions list are linked to Iranian businessman Babak Morteza Zanjani, who has previously been convicted of corruption. Allegations include that Zanjani used these exchanges to launder the regime's oil revenues and to conceal fund transfers.

Additionally, reports indicate that the Central Bank of Iran purchased 500 million dollars worth of Tether (USDT) to prevent the local currency rial from depreciating and to manipulate the market. This situation draws attention as the first direct intervention against cryptocurrency exchanges and represents a significant turning point in U.S. sanction policy.

In accordance with this decision, all U.S.-connected assets of these exchanges have been frozen, and American citizens and entities are completely prohibited from engaging in any commercial relations with these platforms. These sanctions further demonstrate that unregulated areas in the cryptocurrency world are narrowing. The U.S. government continues to increase pressure globally to prevent digital assets from being used as an escape route by illegal regimes.