US Sanctions Iranian Maritime Firms for Bitcoin-Backed 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 IRGC-backed insurance network. The firms allegedly required commercial vessels to buy approved coverage before transiting the Strait of Hormuz.
According to the Treasury's Office of Foreign Assets Control (OFAC), HormuzSafe accepted Bitcoin (BTC) and other digital assets as part of efforts to evade sanctions. OFAC alleged that the platform generated revenue on behalf of the IRGC while helping Iran exert greater control over shipping through the strait.
The US will not allow Iran to hold global commerce hostage, Treasury Secretary Scott Bessent said, accusing the regime of using international shipping to finance the IRGC.