The US Treasury has sanctioned two Iranian maritime firms involved in an alleged Islamic Revolutionary Guard Corps (IRGC)-backed insurance network, saying one accepted Bitcoin (BTC) and other digital assets to bypass Western sanctions.
On Wednesday, the Treasury’s Office of Foreign Assets Control (OFAC) said that Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority were integral to what it described as an IRGC-backed insurance network that required commercial vessels to buy approved coverage before transiting the Strait of Hormuz. The firms were designated as operating in Iran’s financial sector.
The action comes after earlier reports that Iran was considering a Bitcoin-based maritime insurance platform. US authorities now allege the network generated revenue for the IRGC. Treasury also sanctioned eight companies linked to Iran’s shadow fleet and identified eight vessels as blocked property.
OFAC said HormuzSafe accepted BTC and other crypto as part of efforts to evade sanctions. It alleged that the platform generated revenue on behalf of the IRGC while helping Iran exert greater control over shipping through the strait.
“The United States 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.
HormuzSafe shifts from reported proposal to sanctions target
On May 18, screenshots of the HormuzSafe website had circulated online offering “digital insurance” for maritime cargo, with policies payable in Bitcoin. At the time, reports suggested Iran was still considering the insurance-based model, and the website was inaccessible when checked.
Iranian state-linked media Fars News Agency said the proposed platform could issue marine insurance policies and certificates of financial responsibility while potentially generating over $10 billion in revenue.
The Strait of Hormuz handles about one-fifth of the global oil trade, meaning efforts to monetize or control traffic through the waterway carry significant implications for international energy markets.
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Earlier reports, citing the Bitcoin Policy Institute, said Iran accepted oil toll payments in Chinese yuan, Tether USDt (USDT) and Bitcoin, though there was no onchain evidence that any Bitcoin payments had yet been made.
Bitcoin may be attractive to sanctioned actors because it has no centralized issuer capable of freezing funds, unlike centralized stablecoins whose issuers can block addresses. In April, US authorities froze $344 million in USDT stablecoin linked to Iran.
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