Crypto
US Sanctions Iranian Firms for BTC-Based Insurance Scheme
The US Treasury has sanctioned two Iranian maritime firms, Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, for their alleged involvement in an Islamic Revolutionary Guard Corps (IRGC)-backed insurance network.
The network requires commercial vessels to buy approved coverage before transiting the Strait of Hormuz, a crucial waterway that handles about one-fifth of global oil trade.
HormuzSafe allegedly accepted Bitcoin (BTC) and other digital assets as part of efforts to evade Western sanctions, generating revenue on behalf of the IRGC in the process.