Iran moved US$ 1 billion in cryptocurrencies to avoid sanctions, study reveals

Source: PortaldoBitcoin Original Title: Iran moved over US$ 1 billion in cryptocurrencies to avoid sanctions, study reveals Original Link: The Islamic Revolutionary Guard Corps of Iran (IRGC) is suspected of moving more than US$ 1 billion in cryptocurrencies since 2023 through two UK-based exchanges, as a way to bypass sanctions imposed on the country. This information comes from an analysis by blockchain intelligence firm TRM Labs.

The identified exchanges were Zedcex and Zedxion, which, according to TRM Labs, are essentially the same operation under different brands. Transactions linked to Iran accounted for 56% of the total volume on the platforms between 2023 and 2025, indicating that resource movement from a sanctioned country was at the core of these companies’ activities. Most operations were conducted with the USDT stablecoin from Tether, on the Tron network.

Data also points to the increasing use of cryptocurrencies by the Iranian government, with volumes rising from US$ 24 million in 2023 to US$ 619 million in 2024 and US$ 410 million in 2025.

“The value of US$ 1 billion in two years demonstrates that digital currencies are becoming a financial channel for Iran’s parallel banking system,” said Miad Maleki, a former U.S. Treasury official who worked on sanctions efforts against the country.

To track the operations, TRM Labs conducted small deposits and withdrawals to map the internal wallet infrastructure, as well as monitored 187 cryptocurrency addresses linked to the IRGC by Israeli authorities.

The company also linked the exchanges to Babak Zanjani, an Iranian businessman who helped the government bypass sanctions on oil. Zanjani was later convicted of embezzlement and sentenced to death in Iran, a sentence that was eventually pardoned, leading to his recent release from prison.

Cryptocurrency use by Iran

It was revealed earlier this year that Iran has begun accepting cryptocurrencies as a payment method for exporting weapons and defense systems, aiming to circumvent economic sanctions imposed by the United States and the international community.

This news was announced on the Mindex website, which is the export center of Iran’s Ministry of Defense and claims to have clients in 35 countries. The company states that cryptocurrencies are a means of payment and have been used in previous contracts.

Reports indicate that this is one of the first cases of a country accepting cryptocurrencies as payment for military equipment.

Iran’s economic difficulties worsened in 2018 when U.S. President Donald Trump reimposed economic sanctions after withdrawing from an agreement with the country on its nuclear program.

In addition to external pressure, Iran is currently facing an internal crisis as a wave of protests demanding regime change intensifies.