U.S. sanctions Iran's HormuzSafe over Bitcoin payments used to evade restrictions
The U.S. Treasury Department has imposed sanctions on two Iranian maritime organizations tied to an insurance network that Washington says is controlled by the Islamic Revolutionary Guard Corps (IRGC). Officials said one of the entities accepted Bitcoin and other digital assets to circumvent international sanctions.
According to the Treasury's press release, the Office of Foreign Assets Control (OFAC) sanctioned the Persian Gulf Marine Insurance Company and the HormuzSafe Marine Services Authority. U.S. authorities allege the organizations operated an insurance scheme requiring commercial vessels to purchase approved policies before transiting the Strait of Hormuz.
The Treasury also added eight companies linked to Iran's so-called shadow fleet to its sanctions list and blocked eight vessels.
OFAC says HormuzSafe accepted Bitcoin
According to OFAC, HormuzSafe accepted payments in Bitcoin and other cryptocurrencies to evade sanctions.
The agency alleges that the proceeds were used to finance the Islamic Revolutionary Guard Corps (IRGC) and that the scheme helped Iran strengthen its control over shipping through the Strait of Hormuz.
"The United States will not allow Iran to hold global commerce hostage," U.S. Treasury Secretary Scott Bessent said.
He accused Tehran of exploiting international shipping to finance the IRGC.
Project was first discussed in the spring
In May, images of HormuzSafe's website surfaced online showing a proposal for "digital insurance" covering maritime cargo, with policies payable in Bitcoin. At the time, reports suggested Iran was only considering the model, while the website itself remained inaccessible.
According to Fars News, an Iranian news agency affiliated with state institutions, the platform could issue insurance policies and financial responsibility certificates for vessels, potentially generating more than $10 billion in revenue for the country.The Strait of Hormuz handles roughly one-fifth of global oil trade, making any effort to monetize or tighten control over the route highly significant for global energy markets.
The latest sanctions continue Washington's efforts to limit Iran's access to financing through digital assets.
Earlier in April, Tether froze approximately $344 million in USDT at the request of U.S. authorities after the funds were allegedly linked to the Iranian regime. Analysts said the move could accelerate Iran's shift toward Bitcoin and other more decentralized digital assets.
Earlier in July, U.S. authorities announced another operation targeting Iran-linked crypto assets. Acting on Treasury Department orders, more than $131 million in USDT held in cryptocurrency wallets allegedly connected to the Central Bank of Iran was frozen.
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