U.S. Sanctions Put Pressure on Zanjani's Fintech Network
On July 24, the U.S. Department of the Treasury announced that the Office of Foreign Assets Control (OFAC) had imposed sanctions on four additional individuals and nine companies. The entities in question, located in Turkey, the United Arab Emirates, and other countries, are said to have been key components of Iranian billionaire Babak Zanjani’s international network designed to circumvent sanctions against Iran.
“The Iranian regime continues to pay a high economic price for its reckless behavior: the rial has fallen to a new record low, and inflation remains high,” said U.S. Treasury Secretary Scott Bessent.
The new sanctions target Zanjani’s Iranian business conglomerate “Dot One” as well as several international companies that are alleged to have supported his previously sanctioned crypto exchanges, Zedcex Exchange Limited and Zedxion Exchange Limited, and their executives.
Return to the Economic Stage
Over the years, Zanjani built a wide-ranging corporate network encompassing financial services, gold and precious metals trading, digital assets, and transportation and infrastructure projects. According to U.S. authorities, this structure was used to conceal ownership, shift revenues, and circumvent international sanctions.
In 2016, Zanjani was sentenced to death in Iran for embezzling funds from the National Iranian Oil Company (NIOC), which was already under OFAC sanctions. In 2024, the sentence was commuted to a prison term.
Since 2025, he has once again been appearing publicly as a supporter of government-funded infrastructure projects. At the same time, he built a network for digital assets through Zedcex and Zedxion, which, according to the U.S., was allegedly used, among other things, to launder money for the Islamic Revolutionary Guard Corps (IRGC), which is also subject to sanctions.
U.S. authorities view this infrastructure as both a commercial business model and a platform for circumventing international sanctions.
Back in January, OFAC had already placed Zanjani and the two crypto exchanges, Zedcex and Zedxion, on its sanctions list. According to the agency, funds allegedly linked to the Revolutionary Guards were moved through several wallets.
Connection to the Halkbank Case
In Turkey, Zanjani is best known as a business partner of Reza Zarrab in connection with the circumvention of Iran sanctions via the state-owned Halkbank.
After Zarrab cooperated with U.S. authorities, Zanjani was arrested in Iran and publicly sentenced to death.
On July 14, Zarrab was finally released after his time already served was credited toward his sentence. The ruling was handed down by New York Federal Judge Richard Berman after the U.S. Attorney’s Office recognized his extensive cooperation in the Halkbank case.
The “Dot One” Conglomerate
After his death sentence was commuted, Zanjani returned to the business world with numerous companies under the “Dot One” brand.
Over the past two years, he has acted both as a publicly visible entrepreneur and as a strategic financier for the corporate group. He regularly promoted the group’s projects on social media, including an $800 million railroad contract that Dot One Rail Company signed with the Iranian state-owned railway company, valid through April 2025.
However, as public attention grew, the companies increasingly concealed their ties to Zanjani, according to U.S. authorities.
The Dot One Value Creation Group, headquartered in the Dot One Tower in Tehran, serves as the group’s holding company. According to its own statements, it operates in the fields of logistics, telecommunications, aviation, transportation, and digital assets.
Zanjani was appointed chairman of the company’s board of directors as early as 2024 and is expected to continue exercising control over the holding company.
Gold Business and Digital Assets
The group also includes DotOne Gold Company, which produces, stores, and safeguards gold bars. The company plays a central role in the “Tala Token” digital asset, which, according to the company, is backed by gold.
In early 2025, significant amounts of this token were traded via Zedcex’s infrastructure.
According to OFAC, both Dot One Value and DotOne Gold Company are owned or controlled by Zanjani or act on his behalf. Both companies were therefore also sanctioned.
Other affected companies include DotOne Rail Company, DotOne Barter Company, DotOne Airlines Company, and DotOne Trip.
Zedpay in Istanbul and Zedx in Dubai
U.S. authorities accuse the already-sanctioned crypto exchanges Zedcex and Zedxion of relying on companies in Turkey and the United Arab Emirates.
The Istanbul-based fintech company Zedpay offers digital wallets and international payment services. According to OFAC, Zedpay was directly integrated into Zedxion’s trading platform. This allowed users to use their wallets while trading, while Zedxion gained access to fiat settlement and cross-border payment services.
The Dubai-based company Zedx is alleged to have operated on behalf of Zedcex and, among other things, managed the crypto exchange’s wallets. CEO Sukhrob Oimakhmadov was also added to the U.S. sanctions list.
Also affected is the Dubai-based company BZ Diamond, which trades in natural and lab-grown diamonds and is led by Zanjani’s sister, Bahareh Morteza Zanjani.
According to OFAC, BZ Diamond supported Zedxion’s digital projects by, among other things, promoting the NFT marketplace, launching its own token on the Zedxion blockchain, and conducting numerous transactions using Zedxion and Zedcex wallets.
In addition to Bahareh Morteza Zanjani, Solmaz Bani was also sanctioned; according to U.S. authorities, she is alleged to have registered internet domains for several of Zanjani’s companies.
Impact of the Sanctions
Under the new measures, all assets and financial interests of the designated individuals and entities located in the United States or under the control of U.S. persons are frozen and must be reported to OFAC.
Furthermore, the sanctions also apply to companies that are directly or indirectly at least 50 percent owned by the listed individuals. Unless an exemption has been granted, U.S. persons are prohibited from engaging in any transactions involving these assets.