US Sanctions Iranian Maritime Firms Over Alleged Bitcoin Use to Evade Curbs

The US Treasury Department has sanctioned two Iranian maritime entities suspected of ties to the Islamic Revolutionary Guard Corps, accusing them of using cryptocurrencies including Bitcoin to circumvent Western sanctions.

Cointelegraph reported on July 30 that the Treasury Department's Office of Foreign Assets Control recently designated Persian Gulf Marine Insurance Co. and Hormoz Safe Marine Services Organization. OFAC said the two entities were central to an IRGC-backed insurance network and compelled ships transiting the Strait of Hormuz to obtain their insurance coverage.

OFAC also said Hormoz Safe Marine Services Organization accepted cryptocurrencies including Bitcoin as payment to evade sanctions. The agency said the company generated revenue on behalf of the IRGC while helping strengthen Iran's control over the Strait of Hormuz.

Treasury Secretary Scott Bessent said the US would not allow Iran to hold international commerce hostage. The Iranian regime is using the international shipping industry to finance the IRGC, he added.