US Treasury Expands Sanctions on Babak Zanjani Crypto Network

The US Treasury's Office of Foreign Assets Control (OFAC) has expanded its sanctions on the Babak Zanjani crypto network, targeting several new entities and individuals involved in the network.

Among the newly designated entities are ZEDX DMCC, a Dubai-based firm that reflects the network's shift towards the UAE over time; ZedPay, a payment platform linked to the exchange infrastructure; and BZ Diamond DMCC, a precious metals firm connected to Bahareh Zanjani through public records.

Mehdi Rezazadeh, ZedPay's chief executive, was also individually sanctioned alongside the companies. This marks a shift in enforcement strategy, targeting the people running these companies rather than just the businesses themselves.