The United States Treasury Department has imposed sanctions on two Iranian maritime firms tied to an alleged Islamic Revolutionary Guard Corps (IRGC)-backed insurance network, with one of the entities accused of accepting Bitcoin (BTC) and other cryptocurrencies to circumvent Western sanctions.

On Wednesday, the Treasury's Office of Foreign Assets Control (OFAC) designated Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority as key components of what it described as an IRGC-backed insurance network. According to OFAC, the scheme required commercial vessels to purchase approved insurance coverage before transiting the Strait of Hormuz. Both firms were sanctioned for operating within Iran's financial sector.

OFAC stated that HormuzSafe accepted BTC and other digital assets as part of a broader effort to evade sanctions. The agency alleged that the platform generated revenue on behalf of the IRGC while simultaneously enabling Iran to tighten its grip on maritime shipping through the strategically vital waterway. The action aligns with a years-long US campaign targeting the IRGC's revenue streams, which have included sanctions on oil shipping networks, drone manufacturers, and front companies across multiple jurisdictions.

"The United States will not allow Iran to hold global commerce hostage," Treasury Secretary Scott Bessent said, accusing the Iranian regime of leveraging international shipping routes to finance the IRGC.

In addition to the two maritime firms, the Treasury sanctioned eight companies connected to Iran's shadow fleet and identified eight vessels as blocked property. Iran's so-called shadow fleet — a loose network of older, often undocumented tankers used to move Iranian crude outside Western oversight — has been a recurring target of US and European sanctions enforcement.

From Proposed Platform to Sanctions Target

The enforcement action follows earlier reports that Iran was exploring a Bitcoin-based maritime insurance platform. On May 18, screenshots of the HormuzSafe website circulated online, promoting "digital insurance" for maritime cargo with policies payable in Bitcoin. At the time, reports indicated Iran was still evaluating the insurance-based model, and the website itself was inaccessible when independently reviewed.

Iranian state-linked media outlet Fars News Agency reported that the proposed platform could issue marine insurance policies and certificates of financial responsibility, with the potential to generate over $10 billion in revenue.

The Strait of Hormuz accounts for approximately one-fifth of the global oil trade, making any effort to monetize or control traffic through the passage a matter of significant consequence for international energy markets. The waterway has seen repeated disruptions over the years, including tanker seizures and attacks that have prompted naval deployments by the US and its allies.

Earlier reports, citing the Bitcoin Policy Institute, indicated that Iran had accepted oil toll payments in Chinese yuan, Tether USDt (USDT), and Bitcoin. However, no on-chain evidence had confirmed that any Bitcoin payments had actually been processed.

Bitcoin may hold particular appeal for sanctioned actors because it lacks a centralized issuer capable of freezing funds — a contrast with centralized stablecoins, whose issuers retain the ability to block specific addresses. In April, US authorities froze $344 million in USDT stablecoin linked to Iran.