US Sanctions Iranian Insurers for Using Bitcoin to Evade Restrictions
The US Treasury Department has imposed sanctions on two Iranian maritime companies, Persian Gulf Marine Insurance and HormuzSafe Marine Services Authority, for accepting Bitcoin to evade restrictions.
According to OFAC, these firms generated revenue for the IRGC and helped Tehran control shipping through the Strait of Hormuz. Eight vessels and eight associated firms linked to Iran's shadow fleet were also sanctioned, bringing the total number of sanctioned vessels from this network to over 100 since the start of the year.
HormuzSafe, an Iranian insurance service established with the involvement of Iran's Ministry of Economy, accepts Bitcoin and other cryptocurrencies to bypass sanctions. Treasury Secretary Scott Bessent emphasized that 'Iran's economy is in free fall, inflation is in triple digits, and the regime desperately needs money.'