The Treasury Department announced sanctions on Friday against nine firms and four individuals linked to Iranian financier Babak Zanjani, targeting his “Dot One” business network for allegedly evading existing sanctions.
Crypto Exchanges Flagged as “Terror Assets”
Two UK-registered exchanges, Zedcex and Zedxion, were named for allegedly processing over $94 million in funds tied to the Islamic Revolutionary Guard Corps (IRGC). Dubai-based BZ Diamond FZCO, run by Zanjani’s sister Bahareh Morteza Zanjani and his significant other, reportedly supported the exchanges through token and NFT promotion.
The targeted companies operate in Iran, Turkey, and the United Arab Emirates. They include Dot One Value, where Zanjani is CEO, and Dot One Gold Company, a producer of gold bars.
Earlier, Binance (CRYPTO: BNB) was tied to a Zanjani-linked network allegedly funding Iran’s military, flagging roughly $260 million in transactions from 2024-2025. Binance called the report’s methodology “damagingly flawed.”
Treasury Signals Continued Pressure on Tehran
Treasury Secretary Scott Bessent said the Iranian rial has hit record lows amid soaring inflation, adding, “Treasury will continue cutting off economic access for corrupt Iranian regime elites, along with their financiers and facilitators.” Zanjani, previously commuted from a death sentence, denies the allegations, calling them a “fake report,” the Wall Street Journal reported.
The move follows Senate Majority Leader John Thune‘s (R-S.D.) plan to attach Iran penalties to a Russia sanctions bill before Congress’s August recess.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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