UK Moves to Wind Up Exchange 'Implicated in Evasion of Iran Sanctions'

JH Kim

Summary

The UK said it is proceeding with dissolution proceedings against Zedxion, a virtual-asset exchange accused of facilitating evasion of Iran sanctions.
The UK Companies House said it is seeking to strike Zedxion from the register for submitting false or misleading documents during the company’s incorporation process.
With Zedxion and Zedcex included on the US OFAC sanctions list, the case is seen as an example of global regulators stepping up enforcement against virtual-asset firms tied to sanctions evasion.

Forecast Trend Report by Period

The UK is proceeding with dissolution proceedings against a virtual-asset (cryptocurrency) exchange accused of facilitating evasion of sanctions on Iran.

According to crypto-focused outlet Decrypt on the 19th (local time), the UK Companies House said it is seeking to strike Zedxion from the register on the grounds that it submitted false or misleading documents during the incorporation process.

Zedxion, along with another UK-registered exchange Zedcex, was previously included on the US Treasury’s Office of Foreign Assets Control (OFAC) sanctions list.

The move is seen as an example of global regulators stepping up enforcement against virtual-asset firms linked to sanctions evasion.