US Sanctions Iranian Firms for Bitcoin-Backed 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. The network required commercial vessels to purchase approved coverage before transiting the Strait of Hormuz.

According to the Treasury's Office of Foreign Assets Control (OFAC), these firms were integral to the network and generated revenue for the IRGC. OFAC also accused HormuzSafe of accepting Bitcoin (BTC) and other digital assets as part of efforts to evade sanctions.

The Strait of Hormuz handles about one-fifth of the global oil trade, making efforts to control traffic through the waterway significant for international energy markets. The US Treasury's action aims to prevent Iran from using international shipping to finance the IRGC.