US Cracks Down on Iran's Crypto-Funded Shipping Empire
The US Treasury Department has imposed sanctions on two Iranian maritime companies for accepting cryptocurrency to evade restrictions. Persian Gulf Marine Insurance and HormuzSafe Marine Services Authority were added to the list, with OFAC stating that they generated revenue for the IRGC and helped Tehran control shipping through the Strait of Hormuz.
HormuzSafe was established in 2026 with the involvement of Iran's Ministry of Economy and accepts payments in Bitcoin (BTC) among other cryptocurrencies. The company offers insurance policies for shipments passing through the Persian Gulf and Strait of Hormuz, where commercial vessels are forced to buy mandatory insurance despite the risks created by Iran.
Treasury Secretary Scott Bessent emphasized that 'Iran's economy is in free fall' and the regime 'desperately needs money.' The US aims to prevent Iran from using international shipping to fund terrorism. OFAC has sanctioned more than 100 vessels linked to Iran's shadow fleet since the start of the year.