UK Sanctions 12 Linked to Iran’s Zindashti Crypto Network

British authorities froze assets and imposed travel bans on 12 individuals and entities linked to Iran’s Zindashti network. The government accused the network of laundering about $1 billion through two UK-registered cryptocurrency exchanges, Zedxion and Zedcex, and of planning Iranian-backed attacks in Western countries.

Officials said the two exchanges processed roughly $1 billion in transactions since 2021, with most flows conducted in Tether USDT on the Tron blockchain. Investigators estimated about 56% of the funds moving through the exchanges were illicit overall, rising to about 87% of transactions by 2024.

Transfers larger than $10 million in USDT were traced to Sa’id Ahmad Muhammad al-Jamal, a financier linked to Houthi groups who is already designated by the U.S. Treasury’s Office of Foreign Assets Control. The sanctions list also includes Babak Morteza Zanjani, an Iranian billionaire previously linked to schemes that moved oil revenue for Iran’s Islamic Revolutionary Guard Corps through shell companies and front businesses.

Companies House opened proceedings to dissolve Zedxion after finding a company director listed in its filings was fictitious. Regulators reported irregularities in corporate records for the exchanges and said they have stepped up enforcement of company filings.

The UK action combines asset freezes, travel bans and financial restrictions aimed at disrupting the network’s ability to move funds and support operations outside Iran. Investigators traced flows across multiple jurisdictions and blockchain platforms to map the network’s activity and the path of funds.

Regulators announced plans to introduce stricter digital asset authorizations in 2026 and signaled tighter oversight of digital-asset businesses. Authorities urged crypto firms to strengthen anti-money-laundering controls and ensure accurate corporate filings to reduce the risk that sanctioned actors exploit UK-registered companies.