According to U.S. officials, the companies allegedly required vessels traveling through the Strait of Hormuz to purchase insurance policies that could be paid for with Bitcoin, creating a payment system designed to keep transactions outside the traditional financial network.
Treasury Targets Sanctions Evasion
The sanctions target Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, which U.S. authorities say operated under Iran’s broader effort to generate revenue while avoiding financial restrictions.
Treasury Secretary Scott Bessent said:
“The United States will not allow Iran to use international shipping to finance the IRGC’s activities.”
Bitcoin Under the Spotlight
The action doesn’t target Bitcoin itself, but rather its alleged use as a payment method to evade sanctions. U.S. officials argue that digital assets were accepted alongside other forms of payment to move funds beyond the reach of traditional banking oversight.
Pressure on Iran Continues
The latest move is part of Washington’s broader campaign to tighten economic pressure on Iran by disrupting financial networks tied to shipping, energy, and digital assets. Recent sanctions have increasingly focused on entities accused of using cryptocurrencies to bypass international restrictions.
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