US Cracks Down on Iranian Crypto-Enabled Sanctions Evasion
The US Department of the Treasury has imposed new sanctions on two Iranian companies, Persian Gulf Marine Insurance Company (PGMIC) and Hormuz Safe Marine Services Authority. The move aims to restrict their activities in circumventing international sanctions through digital marine insurance paid in cryptocurrencies like Bitcoin.
According to the US authorities, PGMIC issued insurance policies, while the Hormuz Safe platform, launched by Iran in May 2026, allowed payments in Bitcoin and other digital assets. The Iranian regime was expected to generate up to $10 billion in revenue from this operation.
The new sanctions package also targets eight shipping companies and tankers that transported Iranian oil and petroleum products in violation of international restrictions. Over 100 vessels associated with Iran's 'shadow fleet' have been sanctioned since the beginning of 2026, including Qi Hang Ship Management Limited, Marinova Freight Limited, and Vast Mighty Limited.