The US Treasury's Office of Foreign Assets Control (OFAC) has sanctioned two Iranian maritime firms accused of running an Islamic Revolutionary Guard Corps (IRGC)-backed insurance network tha
The US Treasury's Office of Foreign Assets Control (OFAC) has sanctioned two Iranian maritime firms accused of running an Islamic Revolutionary Guard Corps (IRGC)-backed insurance network that used $BTC and other digital assets to bypass Western financial controls.
OFAC stated the firms operated in Iran's financial sector and were part of an insurance network backed by the IRGC that required commercial vessels to buy approved coverage before transiting the Strait of Hormuz. The two entities named are Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority.
The designated insurance policies reportedly covered risks that Iran itself generates, including vessel seizures and harassment by IRGC naval forces. The policies were structured to facilitate payments in digital assets, giving Iranian entities a way to collect revenue while sidestepping traditional banking channels where US sanctions have the most bite.
Developed by Iran's Ministry of Economy, HormuzSafe accepts payment in $BTC and other digital assets as part of the regime's attempts to bypass Western sanctions.Screenshots circulated in May showed a HormuzSafe website offering "digital insurance" for maritime cargo with policies payable in Bitcoin; the site later became inaccessible.
Alongside the two firms, OFAC identified eight vessels as blocked property and designated eight companies linked to what it described as Iran's shadow fleet. The Treasury noted those steps are intended to restrict efforts to disguise vessel ownership and to limit revenue tied to maritime activity.
The action also swept in eight additional vessels tied to Iran's shadow fleet, bringing the total number of such ships sanctioned since the start of 2026 to over 100.
The designations freeze any US assets of the named entities and generally prohibit US persons from dealing with them. Treasury Secretary Scott Bessent framed the action in stark terms. Bessent said: "Iran's economy is in free fall, inflation is in triple digits, and the regime desperately needs money. The US will not allow Iran to hold global trade hostage or use international shipping to fund terrorism."
The strategic importance of the waterway underscores the seriousness of the designations. The Strait of Hormuz carries roughly one fifth of global oil trade, making control over transit through it a significant source of leverage. OFAC framed the action as part of the maximum-pressure campaign directed by National Security Presidential Memorandum 2 (NSPM-2), and referenced a US effort it called Operation Epic Fury.
US authorities have reported Iran used a mix of currencies and digital assets for maritime payments, including Chinese yuan, the stablecoin Tether USDt, and $BTC.Officials stated there is no on-chain evidence that Bitcoin payments linked to the proposed platform were completed.
Sources:GN Crypto News: US Sanctions Iranian Maritime Firms Over Bitcoin UseCrypto Times: US Targets Iran's Wartime Crypto Extortion Network in Strait of HormuzBitcoin Foundation: US Sanctions Iranian Insurers That Accepted Bitcoin to Evade Restrictions
