Key Takeaways:
The US Treasury sanctioned two Iranian companies that ran an IRGC-backed maritime insurance scheme accepting Bitcoin and other digital assets to bypass Western financial restrictions.
The Treasury's Office of Foreign Assets Control designated the Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority on Wednesday, accusing them of operating an extortion network that forces commercial vessels to purchase mandatory insurance to transit the Strait of Hormuz. The policies, approved by the IRGC-backed Persian Gulf Strait Authority, claim to protect vessels against risks such as seizures — many of which Iran itself creates, the Treasury said.
"The regime is desperate for cash," Treasury Secretary Scott Bessent said in a statement. "The United States will not allow Iran to hold global commerce hostage or use international shipping to finance the IRGC's terrorism, aggression, and repression."
HormuzSafe, a digital maritime services platform developed by Iran's Ministry of Economy, advertises insurance, traffic control, security and emergency response for vessels transiting the strait. The Treasury said the company accepts Bitcoin and other digital assets as payment specifically to evade US sanctions. Disgraced Iranian financier Babak Morteza Zanjani, who was sanctioned earlier this year, had promoted HormuzSafe to his social media followers, according to the Treasury.
The designations were made under Executive Order 13902, which targets Iran's financial sector. OFAC also sanctioned eight shipping companies based in China, Hong Kong and the Marshall Islands for operating vessels that transported Iranian crude oil and petroleum products. The blocked tankers include the Well Sail, which carried hundreds of thousands of barrels of Iranian petroleum products to the UAE in 2026, and the Lily and Al Salmi, which delivered oil to the UAE and China respectively since 2025. The Breeze V, Natsumi, Crystal, Nireta and Yehope have collectively transported millions of barrels of Iranian crude to China since as early as 2022.
Since the beginning of the year, OFAC has sanctioned more than 100 vessels linked to Iran's shadow fleet. The latest action extends Washington's campaign to cut off revenue streams that fund the IRGC's regional operations, including attacks on US forces and commercial shipping in the Middle East. The Strait of Hormuz is one of the world's most strategically important waterways, with roughly a fifth of global oil passing through it daily.
The use of digital assets in the scheme highlights a growing challenge for regulators: blockchain transactions leave a trail that can aid enforcement, but the pseudonymous nature of crypto payments also offers sanctioned entities a channel to move value outside the traditional banking system. The Treasury's action signals that US authorities are tracking crypto-based evasion tactics and will target the infrastructure enabling them, not just the transactions themselves.
This article is for informational purposes only and does not constitute investment advice.
