US Sanctions Iranian Firms for Using Cryptocurrency to Evade Sanctions
The US Treasury has sanctioned two Iranian maritime firms for their involvement in an alleged IRGC-backed insurance network. The firms, Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, were designated for operating in Iran's financial sector.
According to the Treasury's Office of Foreign Assets Control (OFAC), the network required commercial vessels to purchase 'approved coverage' before transiting the Strait of Hormuz. OFAC alleges that HormuzSafe accepted Bitcoin and other digital assets as part of efforts to evade US sanctions.
The scheme, which helped generate revenue for the IRGC and increased Iranian leverage over shipping through the Strait of Hormuz, follows earlier reports about Iran considering a Bitcoin-based maritime insurance platform.