US Sanctions Iranian Financier and Associates Over Alleged Crypto Network
US authorities have imposed new sanctions on Iranian financier Babak Morteza Zanjani and his associates in an effort to disrupt their alleged cryptocurrency network used for evading sanctions and supporting Iran's Islamic Revolutionary Guard Corps.
The US Treasury Department's Office of Foreign Assets Control designated four individuals, including Bahareh Morteza Zanjani, sister of the sanctioned financier, and nine entities tied to Babak Morteza Zanjani's global network.
OFAC accused Bahareh of managing Dubai-based BZ Diamond FZCO, which supported her brother's crypto platform, Zedxion Exchange Ltd. The US Treasury also targeted Zanjani's Tehran-based conglomerate, Dot One, and its subsidiaries, including a gold company that mints bars and acts as custodian for the Tala Token.
Zedpay Finansal Sistem Ve Hizmetleri Anonim Sirketi, a Turkish fintech provider, and its chairperson Mehdi Rezazadeh were also designated for integrating with Zedxion to provide digital wallet and cross-border payment capabilities.