The U.S. Treasury's Office of Foreign Assets Control on July 25 designated four individuals and nine entities tied to Babak Zanjani's sanctions evasion network, including crypto exchanges that collectively processed $94 billion. The action marks one of the largest financial crackdowns on digital-asset platforms accused of moving money for a sanctioned Iranian network.
The $94 Billion Crypto Trail
According to OFAC, the designated crypto exchanges handled roughly $94 billion in transactions. That figure dwarfs most single-exchange sanctions actions and signals how deeply digital assets have become embedded in large-scale illicit finance. The Treasury did not name the specific platforms in its public release, but said they were integral to moving funds for Zanjani's network.
Zanjani's Sanctions Web
Babak Zanjani has been under U.S. sanctions since 2012 for allegedly helping Iran evade oil and banking restrictions. Thursday's designations expand the net to include associates and front companies that OFAC says kept his operation running. The nine entities span multiple jurisdictions, though the Treasury did not detail their locations.
What Comes Next for Exchanges
The designations freeze any U.S.-based assets belonging to the named parties and prohibit American citizens from doing business with them. For the crypto industry, the action is a reminder that regulators are tracking on-chain flows at scale. The Treasury said it will continue to identify and disrupt sanctions evasion networks that exploit digital currencies.
