According to TRM Labs' analysis, two cryptocurrency exchanges registered in the UK, Zedcex and Zedxion, act as the same platform, handling approximately $1 billion in stablecoin transfers for the Islamic Revolutionary Guard Corps (IRGC) of Iran. The analysis found that 87% of Zedcex's trading volume in 2024 is related to IRGC, with funds primarily transferred in USDT on the Tron (TRON) network. The platform also directly transferred over $10 million in USDT to a sanctioned Houthi armed terrorist financier, highlighting its role as an embedded financial infrastructure for sanctions evasion.

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