US Sanctions Iranian Firms Over Alleged Bitcoin-Funded Insurance Scheme

The US Treasury's Office of Foreign Assets Control (OFAC) 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, which handles about one-fifth of the global oil trade. The US Treasury alleges that the firms generated revenue on behalf of the IRGC by operating in Iran's financial sector.

HormuzSafe allegedly accepted Bitcoin (BTC) and other digital assets as part of efforts to evade sanctions. According to the Treasury, this was done to bypass Western restrictions and allow the regime to finance its activities through international shipping.

Treasury Secretary Scott Bessent stated that 'The United States will not allow Iran to hold global commerce hostage.' The US has also sanctioned eight companies linked to Iran's shadow fleet and identified eight vessels as blocked property.