U.S. Treasury Sanctions Iranian Companies Using Bitcoin for Strait of Hormuz Passage

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Bitcoin breaking news: On July 31, the U.S. Treasury’s OFAC sanctioned two Iranian companies for enforcing IRGC-backed “insurance” on ships passing through the Strait of Hormuz. One entity, HormuzSafe Marine Services Authority, accepts Bitcoin and other digital assets—a move officials say is intended to circumvent Western sanctions. In April, the Financial Times reported that Iran planned to impose crypto “tolls” on transiting vessels, though some analysts questioned its feasibility. The same action also targeted eight Iranian oil tankers and their operators. More than 100 “shadow fleet” vessels have been sanctioned since January.

ChainThink reports that on July 31, according to Decrypt, the U.S. Treasury’s OFAC sanctioned two Iranian companies on Wednesday, alleging they were involved in compelling commercial vessels to purchase "insurance" backed by the IRGC to transit the Strait of Hormuz.

Among them, the HormuzSafe Marine Services Authority, developed by Iran's Ministry of Economic Affairs and Finance, accepts payments in Bitcoin and other digital assets. OFAC stated that this model is one of the methods used to circumvent Western sanctions.

In April of this year, the Financial Times reported that Iran was planning to impose a cryptocurrency "toll" on transiting vessels, a claim met with skepticism by some blockchain analysts at the time. In the same action, the U.S. Department of the Treasury also sanctioned eight Iranian crude oil tankers and their operators;

Since January of this year, over a hundred vessels from the "shadow fleet" have been sanctioned.

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