US sanctions Iranian maritime firm, says it accepted Bitcoin to evade restrictions

The US Treasury said HormuzSafe accepted Bitcoin and other digital assets to evade sanctions and generate revenue for Iran’s Islamic Revolutionary Guard Corps.

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 for 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.

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