UK Crypto Exchanges Moved $1 Billion for Iran’s IRGC Using Stablecoins, TRM Labs Reveals

TLDR: Zedcex and Zedxion processed $1 billion in IRGC-linked stablecoin transactions between 2023 and 2025. IRGC-related flows peaked at 87% of total exchange volume in 2024 before declining to 48% in 2025. Exchanges transferred over $10 million directly to US-sanctioned Houthi terrorist financier Sa’id al-Jamal. Babak Zanjani, previously sanctioned for laundering billions, connected to Zedxion [...]

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