😱 United States🇺🇸 sanctions Turkish fintech Zedpay🇹🇷 over alleged role in Iranian sanctions evasion network

😱 United States🇺🇸 sanctions Turkish fintech Zedpay🇹🇷 over alleged role in Iranian sanctions evasion network

According to the U.S. Department of the Treasury, the company allegedly provided payment services within a network used to circumvent sanctions imposed on Iran🇮🇷.

🤔 The Office of Foreign Assets Control (OFAC) added Zedpay Financial Systems and Services Inc. and its chairman, Mehdi Rezazadeh, to its sanctions list. The measures also target three additional individuals and eight companies allegedly connected to the same network.

🤔 U.S. authorities stated that Zedpay, which provides digital wallet and international money transfer services, was integrated with the UK🇬🇧-registered cryptocurrency exchange Zedxion. Together, the two companies allegedly processed funds for wallets associated with Iran's Islamic Revolutionary Guard Corps (IRGC).

🤔 Founded in 2022 as a software development company, Zedpay is alleged to have processed more than USD 94 billion in transactions involving Iranian clients since its establishment.

🤔 The sanctions freeze all property and property interests of Zedpay and its chairman, Mehdi Rezazadeh, that are subject to U.S. jurisdiction. In addition, U.S. persons are prohibited from conducting transactions with the sanctioned company and individual.

🤔 The case is also linked to an earlier investigation into an alleged corruption scheme involving Turkish officials, through which revenues from Iranian oil and gas were reportedly transferred via gold transactions and fictitious food trade contracts. U.S. authorities state that individuals associated with Zedpay have ties to that investigation.

🤔 In related developments, Turkish President Recep Tayyip Erdoğan has previously argued that U.S. courts do not have the authority to put Turkey on trial, making the case likely to remain a significant geopolitical issue.

#news #geopolitics #UnitedStates #Asia #Europe #sanctions

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