U.S. sanctions Iran-linked bitcoin insurance scheme for Strait of Hormuz ships

The U.S. Treasury has imposed sanctions on two Iranian maritime insurance companies, Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority (Hormuz Safe), accusing them of operating an extortion scheme tied to the Islamic Revolutionary Guard Corps (IRGC). These firms allegedly forced commercial vessels passing through the Strait of Hormuz to purchase insurance policies covering risks largely created by Iran, such as vessel seizures. The Treasury described the arrangement as extortion rather than legitimate insurance and highlighted that payments for these policies could be made using Bitcoin and other digital assets as a method to bypass Western sanctions.

The sanctioned entities were designated by the Office of Foreign Assets Control under an executive order relating to Iran's petroleum and petrochemical sectors. The entities’ insurance policies were approved by the Persian Gulf Strait Authority, a body affiliated with the IRGC which was designated in May. As a result of the sanctions, U.S. persons are barred from dealing with these companies, and foreign businesses transacting with them, including through cryptocurrency payments, risk being targeted by secondary sanctions.

CoinDesk previously reported on this scheme in May 2026, revealing it was proposed by Iran’s Ministry of Economy to administer shipping through the Strait of Hormuz using bitcoin-settled marine insurance. At that time, the platform was not verified as operational, and the claimed potential revenue of more than $10 billion was presented without detailed explanation. Treasury Secretary Scott Bessent noted that the Iranian regime is seeking cash amid severe economic turmoil marked by triple-digit inflation.

The Strait of Hormuz is a critical global energy chokepoint, and sanctioning these Iran-linked firms may have implications for the regional oil market, which has seen elevated prices amid recent U.S. strikes on Iran and reduced shipping traffic through the Strait. The Treasury’s actions reflect ongoing efforts to curtail Iran’s influence and revenue streams tied to its maritime activities and to prevent sanctions evasion through cryptocurrency.