IRGC Moved About $1B via UK-Registered Crypto Exchanges Using Tron-Based USDT

Iran's Islamic Revolutionary Guard Corps shifted around $1 billion in crypto through UK-registered exchanges Zedcex and Zedxion since 2023 to circumvent international sanctions, blockchain analytics firm TRM Labs said in a January 11 report cited by BlockBeats. IRGC-linked activity accounted for 56% of the platforms' combined transaction volume between 2023 and 2025, with most flows conducted in USDT on the Tron network. Related transfers rose from about $24 million in 2023 to $619 million in 2024 and $410 million in 2025. Both exchanges state they comply with anti-money-laundering rules but did not respond to requests for comment.