US Sanctions Iran-Linked Companies for Bitcoin-Based Insurance Scheme
The US Treasury's Office of Foreign Assets Control (OFAC) has taken action against two companies tied to the Iranian regime for their involvement in a Bitcoin-backed insurance scheme.
According to OFAC, Hormuz Safe, developed by Iran's Ministry of Economy, accepts payment in Bitcoin and other digital assets to bypass sanctions.
The Treasury Department accused Hormuz Safe Marine Services Authority (Hormuz Safe) and the Persian Gulf Marine Insurance Company (PGMIC) of running an IRGC-backed scheme that forces commercial vessels to buy mandatory 'insurance' to transit the Strait of Hormuz.
The US has been tightening its grip on Iranian financial activities, including freezing crypto linked to the regime in January. The OFAC statement emphasized that the United States will not allow Iran to hold global commerce hostage or use international shipping to finance terrorism and aggression.