US Sanctions Iranian Firms for Alleged Bitcoin-Based Insurance Scheme

The US Treasury has imposed sanctions on two Iranian maritime firms, Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, for their alleged involvement in an IRGC-backed insurance network.

According to the Treasury's Office of Foreign Assets Control (OFAC), these companies were integral to a scheme that required commercial vessels to purchase approved coverage before transiting the Strait of Hormuz, generating revenue for the Islamic Revolutionary Guard Corps (IRGC).

The US authorities claim that HormuzSafe accepted Bitcoin and other digital assets as part of efforts to evade sanctions, allegedly generating over $10 billion in revenue.