Iran Demands Crypto Toll from Shipping in Strait of Hormuz Extortion Scheme

The US Treasury has sanctioned two Iranian firms for their role in an extortion scheme that forces commercial vessels to purchase maritime insurance to transit the Strait of Hormuz.

The firms, Hormuz Safe and Persian Gulf Marine Insurance Company, require vessels to buy IRGC-approved 'insurance' to protect against risks created by Iran itself, including vessel seizures. The coverage is brokered by the Iranian regime's insurance regulator and approved by the IRGC-backed Persian Gulf Strait Authority.

Hormuz Safe accepts Bitcoin and other digital assets as payment for this 'insurance', which OFAC says is part of an effort to bypass Western sanctions. When the Financial Times reported in April that Iran would demand crypto tolls from shipping, starting at $1 a barrel, blockchain analysts were skeptical, citing no data showing crypto being used at scale.

Treasury Secretary Scott Bessent said the Iranian regime is 'desperate for cash', with its economy 'in freefall' and inflation in triple digits. The Treasury has designated eight tankers and their operators over cargoes of Iranian crude and petroleum products, most of the companies registered in Hong Kong.