British authorities have taken decisive action against a controversial cryptocurrency firm accused of facilitating financial flows tied to Iran’s powerful military apparatus. The move underscores growing international concern over the use of digital assets to bypass sanctions and finance politically sensitive activities.

The United Kingdom’s corporate registry, Companies House, has initiated proceedings to strike off Zedxion Exchange Ltd., a UK-registered cryptocurrency platform allegedly connected to sanctioned Iranian businessman Babak Zanjani. The action follows investigative findings that the company submitted misleading information during its incorporation process, including the use of a fictitious director identity.

According to official filings, Companies House has issued a notice under Section 1002A of the Companies Act 2006, signaling its intention to dissolve the entity. The registrar cited “misleading, false or deceptive” information in Zedxion’s incorporation documents. A first gazette notice for compulsory strike-off has already been filed, marking the beginning of a formal process that could lead to the company’s removal from the UK register within weeks.

The regulatory intervention came shortly after an investigation by the Organized Crime and Corruption Reporting Project (OCCRP), which uncovered evidence suggesting that Zedxion Exchange’s listed director, “Elizabeth Newman,” did not exist. The identity was reportedly fabricated, with the company allegedly using the image of a stock photo model in promotional materials to portray the supposed executive.

Investigators found that this false persona was used as a front to obscure the........

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