The U.S. Department of the Treasury's Office of Foreign Assets Control has designated four individuals and nine entities tied to Babak Zanjani's broader Iranian sanctions evasion network. The action targets Zanjani's Iran-based Dot One conglomerate and companies outside Iran that supported his previously designated digital asset exchanges, Zedcex Exchange Limited and Zedxion Exchange Limited, which Treasury said were used to obscure ownership, launder revenue and move funds covertly, including for wallets attributed to the Islamic Revolutionary Guard Corps. The designations cover Dot One Value Creation Group, the main holding company for the Dot One conglomerate, along with DotOne Gold Company and the group's rail, barter, airline and ride-sharing businesses. Treasury linked DotOne Gold to Tala Token, an allegedly gold-backed digital asset token that moved through Zedcex infrastructure in early 2025. The action also covers overseas support firms and associated executives, including Turkey-based Zedpay, which was integrated into Zedxion to provide digital wallet, fiat settlement and cross-border payment capabilities, Dubai-based Zedx DMCC, which acted on behalf of Zedcex, and Dubai-based BZ Diamond, which promoted Zedxion projects and transacted with Zedxion and Zedcex wallets. The four designated individuals are Mehdi Rezazadeh, Sukhrob Oimakhmadov, Bahareh Morteza Zanjani and Solmaz Bani. As a result, property and interests in property of the designated persons that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. Entities owned 50 percent or more by blocked persons are also blocked, and U.S. persons are generally prohibited from transactions involving the designated parties unless authorized or exempt. Treasury also warned that foreign persons and financial institutions may face sanctions exposure for certain dealings involving blocked persons.
U.S. Department of the Treasury2026-07-24
U.S. Department of the Treasury sanctions four individuals and nine entities in Babak Zanjani's Iranian sanctions evasion network
The U.S. Department of the Treasury's Office of Foreign Assets Control sanctioned four individuals and nine entities in Babak Zanjani's Iranian sanctions evasion network, targeting the Dot One conglomerate and foreign firms that supported Zedcex and Zedxion. The designations span digital asset, gold, transport and payments activities in Iran, Turkey and the United Arab Emirates. U.S. property interests are blocked and U.S. persons are generally barred from dealing with the designated parties.