US Sanctions IRGC-Backed Bitcoin Insurance Scheme

The US Treasury's Office of Foreign Assets Control (OFAC) has imposed new sanctions on Iran's maritime revenue network, targeting two firms accused of operating an insurance scheme for ships transiting the Strait of Hormuz. The scheme, backed by the IRGC, accepted payments in Bitcoin and other digital assets to circumvent sanctions.

The Treasury said the insurance scheme was designed to generate revenue for the IRGC while giving Iran greater influence over commercial shipping through one of the world's busiest waterways. Eight shipping companies and eight oil tankers were also sanctioned, allegedly transporting millions of barrels of Iranian crude oil and petroleum products to destinations including China and the UAE.

The sanctions freeze assets subject to U.S. jurisdiction and prohibit transactions involving designated entities. Non-US persons may face penalties if they assist sanctioned parties or facilitate efforts to evade US sanctions. The Treasury has now sanctioned more than 100 vessels associated with Iran's shadow fleet in 2026, as part of the US campaign to increase economic pressure on Iran.