US Treasury sanctions four individuals, nine entities linked to Babak Zanjani’s sanctions evasion network

The US Department of the Treasury just dropped another round of sanctions on the network surrounding Babak Zanjani, the Iranian businessman who has become something of a recurring character in Washington’s financial enforcement playbook. Four individuals and nine entities now face designation for helping Zanjani evade existing sanctions, expanding a web that already ensnared two crypto exchanges earlier this year. The Zanjani saga, explained If you’re not familiar with Babak Morteza Zanjani, think of him as the financial plumber for Iran’s oil revenue. He was first designated by the Treasury back in 2013 for facilitating the movement of billions in Iranian oil money. Those sanctions were lifted in 2016 under the Joint Comprehensive Plan of Action, the nuclear deal that briefly thawed US-Iran relations. Zanjani, who holds both Iranian and UAE nationality, eventually returned to the spotlight after his release from Iranian imprisonment. On January 30, 2026, OFAC designated Zanjani again, this time alongside two digital asset exchanges: Zedcex Exchange Ltd. and Zedxion Exchange Ltd. Both were registered in the UK. That January action marked the first time OFAC had ever designated digi...