US Targets Iran's Bitcoin Toll Network, Blocks Eight Shadow Tankers

The US Treasury's Office of Foreign Assets Control (OFAC) has taken action against Iran's Hormuz Bitcoin Toll Network, designating two Iranian maritime entities for operating a state-backed extortion scheme in the Strait of Hormuz. The network collected payments in Bitcoin and other digital assets to sidestep Western financial controls.

The designated entities are the Persian Gulf Marine Insurance Company (PGMIC) and HormuzSafe Marine Services Authority. These firms served as the collection apparatus for an Islamic Revolutionary Guard Corps-backed insurance scheme that forced vessels to buy mandatory coverage before transiting the Strait of Hormuz.

OFAC also designated eight shipping companies and blocked eight tankers for their roles in Iran's shadow petroleum fleet. The move aims to prevent Iran from holding global commerce hostage or using international shipping to finance its terrorism, aggression, and repression.