The move targets a bitcoin-accepting scheme allegedly used to evade sanctions on Iran-linked shipping operations in the Strait of Hormuz.
The US Treasury Department imposed sanctions on Hormuz Safe, a platform accused of accepting bitcoin and other digital assets to insure ships in the Strait of Hormuz. Officials allege the scheme was a sanctions-evasion tactic tied to Iran’s Islamic Revolutionary Guard Corps (IRGC).
The platform reportedly provided insurance services to vessels navigating the critical waterway, a key chokepoint for global oil shipments. Prior sanctions on Iran’s shipping sector have pushed entities to explore alternative payment methods, including cryptocurrencies, to bypass restrictions.
No immediate market reaction was reported, but the move underscores heightened scrutiny of crypto use in sanctions evasion.