UK Firm Linked to Sanctioned Iranian Conglomerate Shut Down by Regulators

A UK-based company named Bitbankers Investment Ltd was shut down by regulators after being struck off from Britain's companies register. The company, which had £1 billion in initial capital and £10 million in its bank account as of May 2025, listed administration of financial markets, insurance agent and broker activities, and financial management as its nature of business.

The US has sanctioned BitBank, an Iranian cryptocurrency exchange empire, for allegedly processing Strait of Hormuz tolls. The sanctions also target Babak Zanjani's conglomerate, Dot One, which includes an airline, a rail operator, and a ride-sharing service. Zedcex and Zexion, two UK-registered cryptocurrency exchanges controlled by Mr Zanjani, were sanctioned in January.

An investigation into the two UK companies found that they were registered at the same address as the Iranian cryptocurrency exchange empire. The Companies House registry shows that Bitbankers Investment's accounts showed it had £10 million ($13.2 million) in its bank account as of 31 May 2025. Both companies' addresses were moved to Companies House's default address, which suggests they did not have an appropriate registered office address.

A lawyer specializing in international economic crime investigations described the two companies as 'unusual' and whose presence in the UK 'leaves a lot of questions.' The lawyer noted that it could be that Companies House took action or other people reported it to Companies House, leading to their strike-off. Both Zedcex and Zexion were also struck off after being moved to a Companies House default address.