The U.S. Treasury Department’s Office of Foreign Assets Control expanded sanctions on July 24 against businessman Babak Zanjani and his Dot One commercial network, adding companies tied to gold production, payments and transportation.

OFAC designations generally freeze any property or interests in property of the named parties that are in the United States or controlled by U.S. persons, and they prohibit U.S. persons from dealing with them unless authorized. That makes the additions relevant not only for crypto exchanges and wallet-screening teams, but also for banks, payment firms, commodity traders and logistics companies that may encounter related counterparties.

The latest action follows earlier Treasury sanctions against the crypto exchanges Zedcex and Zedxion. The new designations include ZEDX DMCC, ZedPay and BZ Diamond DMCC, entities that blockchain intelligence firm TRM Labs had previously identified in its research on the network.

New UAE-Linked Entities Added to the Sanctions List

ZEDX DMCC is among the newly designated entities. The Dubai-based company reflects what TRM Labs described as the network’s gradual shift toward the United Arab Emirates after earlier reliance on short-lived companies in the United Kingdom.

According to TRM Labs, Dubai became an increasingly important commercial base for the group, with UAE entities providing more stable infrastructure than the UK companies that preceded them.

ZedPay was also sanctioned as the network’s payment platform. TRM Labs said it had linked ZedPay to the exchange infrastructure before the latest Treasury action. Corporate filings and branding connected ZedPay closely to Zedxion and related companies, indicating that payment processing was a central component of the ecosystem rather than a peripheral activity.

BZ Diamond DMCC, a precious metals firm, was also named in the sanctions. Public records connect the company to Bahareh Zanjani, while technical infrastructure associated with the firm traces back to individuals seen elsewhere in the network, according to TRM Labs. Its inclusion shows that Treasury’s action extended beyond crypto-related businesses to companies in other sectors that allegedly supported the same commercial ecosystem.

Today Treasury's OFAC expanded sanctions on Babak Zanjani’s network, targeting the commercial infrastructure behind sanctions evasion. Several newly designated entities, including ZEDX DMCC, ZedPay, and BZ Diamond, were identified in TRM Labs’ earlier investigation. Full… pic.twitter.com/CVap1AVG2t — TRM Labs (@trmlabs) July 24, 2026

TRM Labs provided further details in its research post.

Treasury Also Targets Network Personnel

Mehdi Rezazadeh, the chief executive of ZedPay, was individually sanctioned alongside the companies. TRM Labs had previously identified him as a senior figure in the Zedxion ecosystem.

Reports cited by the source said Rezazadeh participated in forums focused on mining investment involving Africa, Russia, China and Iran. UK corporate records also connect him to earlier entities linked to the network.

His designation marks an expansion of the enforcement approach from companies to the individuals who manage or support them. TRM Labs’ research described a pattern of shared leadership across the network, with directors and executives appearing repeatedly across crypto, payment and broader commercial entities over several years.

Network Extended Beyond Crypto Exchanges

TRM Labs said its research documented how the network moved through changing corporate structures. UK companies frequently became dormant or changed leadership, while new entities appeared. Despite those changes, branding and digital infrastructure often remained consistent.

The firm noted that domain registrations and technical administrators recurred across multiple company changes. It said the wider network reached into aviation, rail transport, commodity trading, travel services and precious metals. While each company appeared independent on paper, TRM Labs said the entities together formed a diversified system that distributed risk across sectors and jurisdictions.

That structure allowed operations to continue even when individual firms faced scrutiny or dissolution, according to TRM Labs.

The firm said the case demonstrates why sanctions and compliance investigations must look beyond wallets and exchanges. It said compliance teams should combine blockchain analysis with corporate records and domain research because networks such as Zanjani’s depend on payment providers, logistics companies and trusted personnel to operate at scale.

For compliance teams, the action also underscores the role of non-blockchain indicators in crypto-linked investigations. Shared domains, recurring administrators, overlapping directors and common branding can connect entities even when corporate registrations, jurisdictions or business lines change.

Treasury’s latest action reflects a broader focus on the commercial infrastructure that supports sanctions evasion, including businesses outside the crypto sector.