The United States Treasury's Office of Foreign Assets Control (OFAC) announced sanctions on Friday against companies tied to the Iranian regime that have been accepting Bitcoin payments from commercial vessels transiting the Strait of Hormuz, in an effort to circumvent international sanctions.

According to the OFAC statement, Iran developed a system called Hormuz Safe through its Ministry of Economy that "accepts payment in Bitcoin and other digital assets" to bypass sanctions restrictions. The agency identified two firms at the center of the operation: the Persian Gulf Marine Insurance Company (PGMIC) and HormuzSafe Marine Services Authority, also known as "Hormuz Safe."

OFAC accused the entities of running an Iran Revolutionary Guard Corps (IRGC)-backed scheme that forces commercial vessels to purchase mandatory "insurance" in order to transit the strategic waterway, through which roughly one-fifth of the world's oil supply and a significant share of global liquefied natural gas shipments pass.

"With its economy in freefall and inflation in the triple digits, the regime is desperate for cash," said Secretary of the Treasury Scott Bessent in a statement. "The United States will not allow Iran to hold global commerce hostage or use international shipping to finance the IRGC's terrorism, aggression, and repression."

Bloomberg first reported in May that Iran had launched a Bitcoin-backed insurance service for shipping companies operating in the region. The Strait of Hormuz has seen sharply reduced traffic since the United States and Israel attacked Iran in February.

Earlier this month, the U.S. announced it had frozen cryptocurrency assets linked to the Iranian regime, primarily held in the Tether (USDT) stablecoin. Unlike stablecoins, which can be frozen by their issuing company, Bitcoin operates on a decentralized network with no central issuer, making it resistant to such freezes. This structural difference highlights a persistent challenge for sanctions enforcement: while traditional financial channels can be monitored and restricted through correspondent banking relationships, decentralized cryptocurrencies create avenues that are harder to shut down at the point of transfer.

Blockchain analytics firms, including Chainalysis, have tracked billions of dollars in illicit cryptocurrency flows tied to state actors in recent years, with Iran consistently identified among the nations using digital assets to generate revenue outside the conventional financial system.

Experts have warned that continued disruption at the Strait of Hormuz amid the U.S.-Iran conflict could drive oil prices higher, potentially triggering a recession.