US Throws Crypto Under the Bus: Sanctions Shake Up UK Exchanges Over Iran Ties

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In a move that would make even the most seasoned diplomat chuckle, the US Treasury has decided to play referee-and referee a rather peculiar game-by blacklisting two UK-registered cryptocurrency exchanges over their charming Iran connections.

Yes, dear reader, it appears that entire digital platforms are now the new villains in a saga that sounds more like a bad spy novel than actual policy-first time ever, mind you!

Historic First: Entire Crypto Exchanges Sanctioned Over Iran IRGC Ties

On January 30, 2026, the Office of Foreign Assets Control (OFAC), in a feat of bureaucratic daring, designated Zedcex Exchange Ltd. and Zedxion Exchange Ltd., citing their role in funneling nearly a billion dollars-yes, with a “B”-to the IRGC via the trusty Tether on the Tron network. Because, apparently, Bitcoin didn’t do the trick.

Since its debut in August 2022, Zedcex has seemingly processed an astronomical $94 billion-probably enough to buy a small island-highlighting just how serious the crypto game has become.

And who’s their shady associate? Babak Morteza Zanjani, an Iranian businessman with a knack for embezzling billions, now supposedly involved in laundering money for the regime after his death sentence was conveniently commuted. Nice touch, isn’t it?

“Treasury will target those Iranian networks and corrupt elites who think they can outsmart us,” declared Treasury Secretary Scott Bessent. “They’re trying to hide behind digital masks to escape sanctions and fund cybercriminals-how original!”

This crackdown joins the list of efforts to deal with Iranian officials and IRGC commanders accused of crushing protests with the kind of brutality that would make even the bravest North Korean blush. Estimates suggest that about 30,000 protesters have met their untimely end, some buried in secret graves-because who doesn’t love a good secret grave, right?

Crypto: The New Cheeky Bypass Artist for Sanctions

The US Treasury’s daring move underscores how crypto is the new tool in the shady toolkit-used to evade sanctions and fund anything but your grandmother’s knitting club.

Meanwhile, as brave Iranians hit the streets for freedom, the Treasury is busy targeting those who support their brutal crackdown. It’s almost poetic, really.

– Treasury Department (@USTreasury) January 15, 2026

Elliptic reports that Iran’s Central Bank wasted no time in acquiring over $507 million in USDT during 2025-probably to keep the rial from collapsing entirely, or just to make life harder for traditional bankers. Meanwhile, blockchain gurus at TRM Labs note that over half the 2023 transaction volume was linked to IRGC-linked entities-who knew digital assets could be so sociable?

As a cherry on this digital sundae, all assets held by sanctions targets are frozen, and Americans are now forbidden to do business with Zedcex, Zedxion, Zanjani, or anyone with a fancy title-and penalties for violations are as harsh as ever, because no one likes a crypto cheat.

This move signals a shift in how the US fights bad actors: now they’re hitting entire crypto platforms rather than just individual wallets-because why not make it clear who’s boss?

With over 875 Iranian persons, vessels, and aircraft already sanctioned in 2025, this latest step shows that digital money isn’t just fun and games anymore-it’s a matter of international security. Or so they say.

In the end, as crypto continues to sneak into global finance like a sneaky cat, authorities are determined to remind everyone that no platform-no matter how remotely located-can escape their watchful eyes when aiding sanctioned regimes or chaos.

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2026-02-02 01:00