US Sanctions Iranian Companies for Crypto-Enabled Insurance Evasion
The US Treasury has imposed sanctions on two Iranian maritime insurance-related companies for allegedly supporting an Islamic Revolutionary Guard Corps (IRGC)-linked network that used cryptocurrency payments to evade Western sanctions.
The Treasury's Office of Foreign Assets Control (OFAC) named Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority as entities it says were 'integral' to the IRGC-aligned insurance structure targeting shipping flows through the Strait of Hormuz.
According to OFAC, HormuzSafe accepted Bitcoin and other digital assets as part of efforts to bypass sanctions while generating revenue for the IRGC. The Treasury alleges this crypto-enabled insurance gate for Hormuz shipping allowed Iran to exert greater leverage over global commerce.