According to ChainCatcher, citing i24NEWS, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on the Persian Gulf Maritime Insurance Company and HormuzSafe Maritime Services Authority, which provide insurance policies approved by Iran’s Islamic Revolutionary Guard Corps for commercial vessels transiting the Strait of Hormuz and accept digital assets such as Bitcoin as payment to evade sanctions. OFAC has also sanctioned eight vessels in Iran’s shadow fleet and their owning companies, including Well Sail, Lily, Al Salmi, Breeze V, Natsumi, Crystal, Nireta, and Yehope. Since the beginning of this year, OFAC has sanctioned over 100 vessels associated with Iran’s shadow fleet.
U.S. Treasury Sanctions Iranian Entities Using Bitcoin to Evade Sanctions
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Summary
Bitcoin breaking news: The U.S. Treasury’s OFAC has sanctioned the Persian Gulf Maritime Insurance Company and HormuzSafe Maritime Services Authority for providing insurance to vessels associated with Iran’s Islamic Revolutionary Guard Corps. These entities use Bitcoin to evade sanctions. Eight shadow fleet vessels and related companies, including Well Sail and Lily, were also targeted. More than 100 shadow fleet ships linked to Iran have been sanctioned this year. Bitcoin news continues to highlight regulatory actions against illicit cryptocurrency use.
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