US Sanctions Iranian Maritime Firms Over Bitcoin Payments and Alleged IRGC Ties

The U.S. Treasury has sanctioned two Iranian maritime insurance companies for allegedly supporting an Islamic Revolutionary Guard Corps-linked system for collecting revenue from vessels using the Strait of Hormuz.

HormuzSafe Marine Services Authority and Persian Gulf Marine Insurance Company were added to the Specially Designated Nationals list after the Treasury alleged that they accepted Bitcoin payments to evade restrictions.

The two companies are accused of generating revenue for the IRGC by requiring commercial vessels to purchase approved maritime insurance before crossing the strait, with HormuzSafe accepting payment in digital assets like Bitcoin.