US Blacklists Iranian Maritime Insurers Over Bitcoin Sanctions Evasion Scheme

The U.S. Department of the Treasury’s Office of Foreign Assets Control has penalized two Iranian maritime entities for executing an insurance scheme designed to channel revenue to the Islamic Revolutionary Guard Corps while utilizing cryptocurrency to evade Western financial restrictions.

Federal officials designated the Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority for their operations within Iran’s financial sector. According to enforcement actions detailed by the U.S. Department of the Treasury, HormuzSafe accepted Bitcoin and various digital assets as payment for marine insurance policies imposed on commercial vessels transiting the strategic Strait of Hormuz.

Treasury Secretary Scott Bessent stated that the United States would prevent Tehran from exploiting international maritime traffic to finance state-backed military organizations, emphasizing that global commerce should not be held hostage by unilateral transit fees.

The enforcement action extended beyond the two primary insurance providers to encompass eight corporate entities connected to Iran’s illicit oil shipping infrastructure, commonly referred to as a shadow fleet. In tandem with these corporate blockades, federal authorities identified eight ocean-going vessels as blocked property subject to immediate asset freezes.

The Strait of Hormuz remains a critical bottleneck for international trade, facilitating the passage of roughly one-fifth of the world’s petroleum supply. Iran’s state-affiliated Fars News Agency previously highlighted proposals for state-backed maritime insurance platforms, indicating that mandatory financial responsibility certificates and marine policies could yield upwards of $10 billion in national revenue.

Earlier digital traces of the scheme surfaced in May when web archives showed HormuzSafe offering cargo coverage denominated in Bitcoin before the domain became unreachable. Research by the Bitcoin Policy Institute noted that Iranian entities have previously sought toll payments across multiple mediums, including Chinese yuan, Tether, and Bitcoin.

The push toward decentralized digital currencies reflects broader shifts in sanction evasion strategies following aggressive enforcement against centralized crypto networks. While stablecoins like Tether possess smart contract controls allowing issuers to lock wallets—demonstrated when authorities froze $344 million in Tether tied to Iranian actors in April—decentralized networks like Bitcoin operate without a single point of administrative control, preventing unilateral asset freezes.