The move targets two Iranian firms accused of using Bitcoin to fund Revolutionary Guard operations via forced ship insurance.
The U.S. Treasury imposed sanctions on two Iranian companies operating a Bitcoin-based maritime insurance scheme for vessels transiting the Strait of Hormuz. Officials stated the firms compelled commercial ships to purchase coverage, with proceeds allegedly directed to the Islamic Revolutionary Guard Corps.
The scheme reportedly leveraged cryptocurrency to evade traditional financial oversight, marking a rare use of digital assets in state-linked sanctions evasion. No prior sanctions had targeted Bitcoin-specific maritime operations in the region.
Markets showed limited immediate reaction, though the move underscores heightened scrutiny of crypto in geopolitical finance.