HormuzSafe accepted BTC and other digital assets to bypass restrictions and fund Iran’s Islamic Revolutionary Guard Corps, the Treasury said.
The US Treasury sanctioned two Iranian maritime firms, including HormuzSafe Marine Services Authority, for accepting Bitcoin (BTC) and other cryptocurrencies to evade sanctions. The action targets an alleged Islamic Revolutionary Guard Corps (IRGC)-backed insurance network requiring vessels to purchase coverage before transiting the Strait of Hormuz.
The designations follow reports of Iran exploring a Bitcoin-based maritime insurance platform. Authorities allege the network generated revenue for the IRGC while tightening control over shipping routes. Eight linked companies and eight vessels were also sanctioned as blocked property.
The Treasury stated HormuzSafe used crypto to bypass restrictions, enabling Iran to fund military activities. The move underscores US efforts to counter sanctions evasion in global commerce.