The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) has sanctioned two Iranian companies behind a scheme that requires commercial vessels to purchase Islamic Revolutionary Guard Corps (IRGC)-approved maritime "insurance" in order to transit the Strait of Hormuz. One of the designated firms, HormuzSafe Marine Services Authority, accepts Bitcoin and other digital assets as payment, which OFAC identified as part of an effort to circumvent Western sanctions. The designation places the firms on Treasury's Specially Designated Nationals list, freezing any assets under U.S. jurisdiction and barring American persons from transactions with them.

The Strait of Hormuz—a narrow waterway between Iran and Oman connecting the Persian Gulf to the Gulf of Oman and the Arabian Sea—is a critical chokepoint through which roughly one-fifth of the world's oil supply passes. According to Treasury, vessels crossing the strait are compelled to buy insurance policies that protect against risks Iran itself creates—chiefly the seizure of ships. The Persian Gulf Marine Insurance Company, established by Iran's insurance regulator, brokers the policies, which are then approved by the IRGC-backed Persian Gulf Strait Authority. Washington had previously designated that authority in May.

Treasury announced the action on July 29, 2026, stating:

Today, Treasury's Office of Foreign Assets Control designated two firms integral to an Islamic Revolutionary Guard Corps-backed extortion scheme that forces commercial vessels to purchase mandatory maritime "insurance" to transit the Strait of Hormuz. Although this coverage…

— Treasury Department (@USTreasury) July 29, 2026

The Bitcoin Payment Rail

HormuzSafe Marine Services Authority was developed by Iran's Ministry of Economy and positions itself as a provider of traffic control, security, emergency response, and insurance services. OFAC said its acceptance of Bitcoin and other cryptocurrencies is designed to bypass Western sanctions. Digital assets, which can be transferred without intermediaries subject to compliance with Western sanctions, have drawn growing interest from sanctioned states seeking alternative financial channels. Babak Morteza Zanjani, an Iranian financier who was sanctioned earlier this year, promoted the service to his social media followers.

When the Financial Times first reported in April that Iran intended to demand cryptocurrency tolls from shipping companies—starting at $1 per barrel—blockchain analysts expressed skepticism. TRM Labs policy head Ari Redbord told Decrypt at the time that he was unconvinced, noting there was no data indicating crypto was being used at scale for Hormuz transit payments. Other observers pointed out that the individual quoted in the FT report, described as an industry union spokesman, did not officially represent the Iranian regime. Treasury's designation has now substantiated at least part of the earlier reporting by naming a firm created by a government ministry that does in fact accept Bitcoin.

The Shadow Fleet

Treasury Secretary Scott Bessent characterized the Iranian regime as "desperate for cash," citing an economy "in freefall" with inflation running at triple digits. He affirmed that Washington would not permit Iran to "hold global commerce hostage."

The same sanctions action designated eight tankers along with their operators for transporting cargoes of Iranian crude oil and petroleum products. Most of the companies involved are registered in Hong Kong. Since January, more than 100 vessels linked to Iran's so-called shadow fleet have been sanctioned. The shadow fleet—a network of aging tankers operating under obscured ownership and outside Western insurance and regulatory frameworks—has become a central conduit for moving sanctioned Iranian and Russian oil to buyers, particularly in China. Treasury noted that the insurance schemes were established to replace revenue lost as a result of Operation Epic Fury.

On Myriad, a prediction market owned by Decrypt's parent company Dastan, users assigned a 38% probability to the Iranian blockade ending by August 31.