US Sanctions Iranian Firms Behind Bitcoin-Enabled Shipping Insurance Scheme

The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has imposed sanctions on two Iranian companies accused of operating an illicit insurance program targeting commercial ships navigating the Strait of Hormuz. The sanctioned firms are the Persian Gulf Marine Insurance Company (PGMIC) and HormuzSafe Marine Services Authority, also referred to as Hormuz Safe.

The Treasury Department alleges that these organizations facilitate IRGC-endorsed policies that vessels must obtain to pass through the strategic waterway. According to Treasury officials, the coverage supposedly addresses threats such as ship seizures, yet authorities emphasize that Iran is primarily responsible for creating those very dangers.

PYMIC acts as a broker for policies approved by the Persian Gulf Strait Authority (PGSA), an IRGC-linked body that was previously designated by OFAC in May 2026. Hormuz Safe markets itself as a provider of digital maritime services encompassing insurance, traffic management, security, and emergency assistance for ships in the strait.

The Treasury notes that it accepts cryptocurrency payments specifically to sidestep Western sanctions and generates funds on behalf of the IRGC, thereby enhancing the regime's influence over regional shipping. The company was promoted on social media by Babak Morteza Zanjani, an Iranian financier previously sanctioned by the United States.