US Sanctions an Iranian "Insurance" Scheme for Strait of Hormuz Ships — Paid in Bitcoin

The US Treasury sanctioned two Iranian companies — HormuzSafe Marine Services Authority and Persian Gulf Marine Insurance Company — accusing them of running an extortion scheme disguised as mandatory maritime "insurance" for ships transiting the Strait of Hormuz. The policies were supposed to cover risks like vessel seizure, but those risks were created by Iran itself.

“With its economy in freefall and inflation in the triple digits, the regime is desperate for cash.”

— Scott Bessent, US Treasury Secretary

• HormuzSafe was developed by Iran's Ministry of Economy and accepted payment in Bitcoin and other digital assets
• Proceeds from the extortion scheme were funneled to the IRGC (Islamic Revolutionary Guard Corps)
• Eight shadow-fleet vessels were also added to the sanctions list
• Both companies were designated under an executive order covering Iran's petroleum and petrochemical sectors

The designations bar US persons from any dealings with these entities, and foreign companies — including those paying in crypto — face secondary sanctions exposure just as they would for ordinary banking transactions. This is already the second major story in recent days about crypto serving Iran's sanctions-evasion playbook: it recently emerged that the Dubai-based exchange Shelbit moved at least $4 billion for an Iranian gambling network and sanctioned entities. More detail on the HormuzSafe sanctions is available via CoinDesk.

Nothing here should be taken as financial advice — just information to consider.