U.S. sanctions Iran-linked bitcoin insurance scheme for Strait of Hormuz ships
The Treasury Department said the Hormuz Safe platform accepted bitcoin and other digital assets as part of an alleged sanctions workaround tied to IRGC-backed shipping controls.
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Summary
- The U.S. Treasury sanctioned two Iranian maritime insurance entities, Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, accusing them of running an extortion scheme that funneled funds to the Islamic Revolutionary Guard Corps.
- Treasury said the so-called insurance, which could be paid for in bitcoin and other digital assets, forced ships transiting the Strait of Hormuz to buy coverage against risks largely created by Iran itself.
- The designations bar U.S. persons from dealing with the firms and expose foreign companies, including those paying in crypto, to secondary sanctions as tensions in the vital energy chokepoint keep oil prices elevated.
