US Blacklists Iranian Bitcoin-Settled Maritime Scheme
The US Office of Foreign Assets Control has added two Iranian maritime insurance firms to its Specially Designated Nationals list, designating HormuzSafe Marine Services Authority and Persian Gulf Marine Insurance Company as blocked counterparties for U.S. persons and for transactions within or transiting the United States.
These designations were made under Executive Order 13902 for operating in Iran's financial sector, with both firms being subject to secondary sanctions. The Treasury Department alleged that HormuzSafe and PGMIC support an Islamic Revolutionary Guard Corps-backed scheme that forces commercial vessels to buy purported insurance for passage through the Strait of Hormuz.
HormuzSafe had previously been described as a Bitcoin-settled insurance proposal, accepting digital assets to bypass Western sanctions. Neither the July 29 page nor any other part of the notice identifies wallet addresses or payment volume.