UK Regulators Shut Down Mysterious Firms Tied to US-Sanctioned Iranian Billionaire Babak Zanjani

UK regulators have shut down two British companies linked to an Iranian cryptocurrency and business empire controlled by billionaire Babak Zanjani, which has faced US sanctions over processing Strait of Hormuz toll fees. The US recently sanctioned BitBank, alleging it routed hundreds of millions of dollars to the Islamic Revolutionary Guard Corps after receiving cryptocurrency payments for the Hormuz Safe Marine Services Authority, which operates the so-called Tehran tollbooth. Another of Mr Zanjani's businesses, the Dot One conglomerate—which includes an airline, a rail operator, and a ride-sharing service—was placed under sanctions in July.

According to the UK's Companies House registry, Bitbankers Investment Ltd was founded in May 2024, while Dot One Group Ltd was established in April 2025. Bitbankers Investment was established with capital of £1 billion, with its last filing showing £10 million ($13.2 million) in its bank account. Initially registered at a home in north London, the company later moved to an office address facility also used by crypto firms Zedcex and Zexion. Those two UK-registered cryptocurrency exchanges, also controlled by Mr Zanjani, were sanctioned by the US in January for allegedly processing funds for cryptocurrency wallets linked to the IRGC.

Dot One Group was registered using a brass plate address, declared capital of £1 million, but never filed accounts before being struck off in July. Bitbankers Investment was struck off a week later. Filing histories indicate both companies had their addresses moved to Companies House's default address after officials determined they lacked an appropriate registered office address. Angelika Hellweger, a legal director at London-based firm Rahman Ravelli, described the two companies as unusual and noted their presence in the UK leaves many questions unanswered.

Previously, Mr Zanjani was sentenced to death in 2016 for embezzling millions from the state-owned National Iranian Oil Company, though his sentence was commuted in 2024. By 2025, he re-emerged publicly as a backer of regime-linked projects designed to evade sanctions, with current visible business activities including an $800 million rail contract awarded to Dot One by the Iranian government and the launch of Dot One Airlines.