THE **Intelligence Report** details the *Zedxion* cryptocurrency exchange's role in illicit Iranian financial activities for the *IRGC*. Key findings reveal a complex corporate structure involving multiple UK and UAE entities designed to obscure financial activities and evade sanctions. The *Executive Summary* highlights a multi-jurisdictional network, including Zedxion and ZedPay, indicating a layered financial architecture.
This architecture uses high nominal capitalization UK firms to project legitimacy while easily dissolving these companies under legal pressure. Governance patterns indicate quick director changes to manage risk, with operational control shifting to *Elizabeth Newman* post-2022, reinforcing centralized authority. The report categorizes the network as intentionally structured for resilience against legal scrutiny, focusing on operational continuity across restructuring.
Allegations of sanctions evasion, particularly linked to *Babak Morteza Zanjani*, are substantiated by *OFAC* designations for facilitating illicit financial flows linked to Iranian sanctions. The architecture's sustainable nature reflects risk-managed practices rather than conventional business operations, marking a significant financial crime risk.