US Sanctions Iran's Crypto-Enabled Shipping Empire, Tether Expands in Africa

The US Treasury Department has imposed sanctions on two Iranian maritime organizations connected to an insurance network allegedly controlled by the Islamic Revolutionary Guard Corps (IRGC). The entities, Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, are accused of operating an insurance scheme requiring commercial vessels to purchase approved policies before passing through the Strait of Hormuz.

The Treasury's Office of Foreign Assets Control (OFAC) claims that these organizations accepted payments in Bitcoin and other cryptocurrencies to evade sanctions. The agency alleges that the proceeds from these activities were used to finance the IRGC and contributed to Iran's strengthened control over shipping in the Strait of Hormuz.

Tether, a leading stablecoin issuer, has signed a memorandum of understanding with the Nairobi Securities Exchange (NSE) to explore blockchain-based capital market infrastructure. The partnership aims to modernize one of Africa's largest stock exchanges and expand access to digital financial services for local and international investors.