The US Treasury on Wednesday sanctioned two Iranian maritime companies, saying they accepted Bitcoin and other digital assets as payment for shipping insurance and generated revenue for Iran’s Islamic Revolutionary Guard Corps, or IRGC. Treasury also designated eight companies linked to Iran’s shadow fleet and eight vessels identified as blocked property.
OFAC identifies two firms in a maritime insurance network
In its notice, the Office of Foreign Assets Control said Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority were part of a maritime insurance network operating behind the IRGC. Treasury said the network required commercial vessels to buy designated insurance before passing through the Strait of Hormuz.
US officials said the arrangement produced revenue for the IRGC while helping Iran tighten its control over shipping through the waterway.
From online screenshots to an active payment channel
On May 18, screenshots of the HormuzSafe website circulated online. They showed what was described as “digital insurance” for maritime cargo, with premiums payable in Bitcoin. At the time, reports said Iran was still considering the model, and the site later became inaccessible for a period.
Iran’s state-run Fars News Agency said the platform could issue marine insurance policies and financial liability certificates, with projected revenue of more than $1 billion.
This week’s sanctions announcement moved the issue beyond speculation. OFAC said HormuzSafe accepted Bitcoin and other cryptocurrencies to evade sanctions and generate revenue for the IRGC.
Bessent says the US will not let Iran “hijack global trade”
Treasury Secretary Scott Bessent said, “The United States will not allow Iran to hijack global trade.” He accused the Iranian regime of using international shipping to raise funds for the IRGC.
The Strait of Hormuz carries about one-fifth of global oil trade. Any move to control or monetize passage through the route has significant implications for international energy markets.
Why Bitcoin stands out in sanctions cases
The report noted one feature that sets Bitcoin apart from stablecoins in sanctioned-payment scenarios: it has no centralized issuer that can freeze funds.
In April, US authorities froze $344 million in USDT tied to Iran. Bitcoin works differently, and Treasury’s latest action highlights why it can appear in channels built to keep payments moving outside conventional controls.
An earlier report from the Bitcoin Policy Institute said Iran had accepted renminbi, Tether’s USDT, and Bitcoin for oil transit fees, though it said there was no on-chain evidence at the time of Bitcoin payments. Treasury’s sanctions notice now confirms the existence of those crypto channels.
What the sanctions action covers
The latest measures go beyond the two named maritime entities. They also cover eight related companies and eight vessels, showing that Washington sees the insurance and payment structure as part of a broader sanctions-evasion system connected to Iranian shipping operations.
Treasury’s framing links three elements together: maritime insurance, commercial transit through the Strait of Hormuz, and financing tied to the IRGC.
A wider signal for the shipping industry
The original report pointed to Taiwan’s role as a major shipping hub, noting that four of the world’s top ten shipping companies are headquartered there. If shipping insurance payments increasingly shift toward Bitcoin settlement, the effects could reach far beyond this single case and into the wider maritime supply chain.
For now, the immediate significance is narrower and clearer. A formal US sanctions notice has explicitly identified Bitcoin payments in a Strait of Hormuz shipping insurance framework, placing crypto infrastructure squarely inside a geopolitical maritime enforcement case.