Key facts
- The US Treasury sanctioned two Iranian maritime firms, Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority.
- HormuzSafe allegedly accepted Bitcoin and other digital assets to bypass sanctions.
- The firms are accused of being part of an Islamic Revolutionary Guard Corps (IRGC)-backed insurance network.
- The network allegedly required commercial vessels to purchase approved coverage before transiting the Strait of Hormuz.
- US authorities claim the platform generated revenue for the IRGC.
- Eight companies linked to Iran's shadow fleet and eight vessels were also designated as blocked property.
The US Treasury has imposed sanctions on two Iranian maritime firms, Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, alleging their involvement in an Islamic Revolutionary Guard Corps (IRGC)-backed insurance network. The Treasury stated that HormuzSafe accepted Bitcoin and other digital assets as a means to bypass Western sanctions and generate revenue for the IRGC.
These firms are accused of being integral to a network that mandated commercial vessels purchase approved insurance before transiting the critical Strait of Hormuz. The sanctions were imposed due to their operations within Iran's financial sector. This action follows earlier reports about Iran considering a Bitcoin-based maritime insurance platform, with Iranian state-linked media suggesting it could generate over $10 billion in revenue.
Treasury Secretary Scott Bessent asserted that the United States will not permit Iran to hold global commerce hostage, accusing the regime of using international shipping to finance the IRGC. In addition to the two firms, eight companies associated with Iran's shadow fleet and eight vessels were also designated as blocked property.
While previous reports, citing the Bitcoin Policy Institute, suggested Iran accepted oil toll payments in Chinese yuan, Tether USDt, and Bitcoin, there has been no on-chain evidence to confirm Bitcoin payments. Bitcoin's decentralized nature makes it attractive to sanctioned entities as it lacks a central issuer capable of freezing funds, unlike stablecoins. In April, US authorities froze $344 million in USDT linked to Iran.