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U.S. Treasury imposes more sanctions over network tied to Babak Zanjani

U.S. Treasury imposes more sanctions over network tied to Babak Zanjani

The latest designations add four individuals and nine entities to a network tied to Babak Zanjani, including Dot One businesses and crypto-linked firms Treasury says helped evade existing sanctions.

Fact Check
The official U.S. Treasury press release (sb0576) confirms every core element of the claim: on July 24, 2026, OFAC designated four individuals and nine entities forming key components of Babak Zanjani's broader Iranian sanctions evasion network, explicitly including the Dot One conglomerate businesses and crypto-linked firms supporting previously designated exchanges Zedcex and Zedxion. Independent corroboration from Crypto Briefing and TRM Labs matches these details.
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Summary

The U.S. Treasury expanded sanctions on a network tied to Babak Zanjani, adding four individuals and nine entities accused of helping him evade existing restrictions through businesses spanning logistics, aviation, transportation, gold and digital assets. Treasury said the targets include Zanjani’s Iran-based operations under the Dot One conglomerate, as well as companies in Turkey and the United Arab Emirates that supported already designated digital asset exchanges and senior executives. The department said UK-registered exchanges Zedcex and Zedxion were connected to more than $94 million in processed funds for wallets linked to the Islamic Revolutionary Guard Corps, while Dubai-based BZ Diamond FZCO allegedly promoted tokens, NFTs and other digital assets in support of the exchanges. Zanjani has denied the allegations, calling them a fake report in comments cited by The Wall Street Journal.

Terms & Concepts
  • NFTs: Unique digital tokens recorded on a blockchain that are often used to represent ownership of digital items or collectibles.
  • sanctions evasion: Attempts to bypass restrictions that block business, payments or asset transfers involving sanctioned parties.
  • Islamic Revolutionary Guard Corps: A powerful branch of Iran’s military that has been the target of U.S. sanctions and terrorism-related measures.