Blockchain analytics firm TRM Labs has revealed that the Islamic Revolutionary Guard Corps (IRGC) of Iran has transferred approximately $1 billion through two UK-registered cryptocurrency exchanges, Zedcex and Zedxion, since 2023. This activity is reportedly aimed at circumventing international sanctions. Transactions linked to the IRGC accounted for 56% of the exchanges' total volume from 2023 to 2025, primarily utilizing USDT on the Tron network. The report details a significant increase in funds moved, from about $24 million in 2023 to $619 million in 2024, and $410 million in 2025. Despite claims from both exchanges of compliance with anti-money laundering regulations, they have not responded to requests for comment.