US Treasury widens sanctions on Babak Zanjani network: 4 individuals and 9 companies in Iran, Turkiye and the UAE

The US Treasury's Office of Foreign Assets Control (OFAC) on Friday, 24 July 2026 (2 Mordad 1405) designated four individuals and nine entities that it says form key components of Babak Zanjani's sanctions evasion network. The designations were made under Executive Order 13902.

The action targets, on one side, the Iran-based "Dot One" conglomerate: holding company Dot One Value Creation Group, DotOne Gold (a gold bar minter and custodian linked to a gold-backed token), DotOne Rail, DotOne Barter, DotOne Airlines and DotOne Trip. On the other side it targets companies supporting the Zedcex and Zedxion crypto exchanges: Istanbul-based fintech Zedpay, and Dubai-based Zedx DMCC and BZ Diamond. The designated individuals are Mehdi Rezazadeh (chairperson of Zedpay), Sukhrob Oimakhmadov (manager of Zedx), Bahareh Morteza Zanjani (Babak Zanjani's sister and manager of BZ Diamond) and Solmaz Bani.

OFAC had earlier, on 30 January 2026 (10 Bahman 1404), designated Zanjani himself along with Zedcex and Zedxion, both registered in the UK. Treasury Secretary Scott Bessent said Washington will continue cutting off economic access for Iranian regime elites and their financiers.