US Treasury sanctions Iran’s Hormuz Strait Insurance Network for using Bitcoin to evade sanctions.
2026.07.30 11:10:06
The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has imposed sanctions on Persian Gulf Marine Insurance and HormuzSafe Maritime Services Administration. The two entities provide insurance policies approved by Iran’s Islamic Revolutionary Guard Corps (IRGC) for commercial vessels transiting the Strait of Hormuz, and accept digital assets such as Bitcoin to evade sanctions. OFAC also sanctioned eight shadow fleet vessels transporting Iranian crude oil and petroleum products, along with their affiliated companies. Since the start of this year, OFAC has sanctioned more than 100 vessels linked to Iran’s shadow fleet.
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