OFAC Sanctions Target Babak Zanjani Crypto Network Again

The US Treasury expands sanctions on the Babak Zanjani crypto network, naming ZEDX DMCC, ZedPay, and BZ Diamond as latest targets.

The US Treasury’s Office of Foreign Assets Control widened its sanctions net on July 24. The action targets businessman Babak Zanjani and his Dot One commercial network. 

Treasury had previously sanctioned crypto exchanges Zedcex and Zedxion.

This time the list stretches into gold production, payments, and transportation. Blockchain intelligence firm TRM Labs had already flagged several of these entities in past research.

New Entities Tied to Zanjani’s UAE Operations

ZEDX DMCC tops the newly designated list. 

The Dubai-based firm reflects the network’s shift toward the UAE over time. TRM Labs found that operations moved away from short-lived UK companies. 

Dubai increasingly served as the commercial anchor for the group. UAE entities offered steadier infrastructure than the UK firms that came before them.

ZedPay also made the list as the network’s payment platform. TRM Labs had linked ZedPay to the exchange infrastructure well before the sanctions. 

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