The US Treasury on Wednesday sanctioned two Iranian maritime companies it said formed part of an Islamic Revolutionary Guard Corps-backed insurance network and accepted Bitcoin along with other digital assets to circumvent restrictions. The Office of Foreign Assets Control designated Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority for operating in Iran’s financial sector.

Authorities stated the firms required commercial vessels to purchase approved coverage before transiting the Strait of Hormuz. The network allegedly generated revenue for the Islamic Revolutionary Guard Corps while expanding Iranian control over shipping in the waterway. HormuzSafe was specifically cited for taking Bitcoin and other cryptocurrencies as payment in efforts to evade sanctions.

The Treasury also targeted eight companies connected to Iran’s shadow fleet and identified eight vessels as blocked property. Treasury Secretary Scott Bessent said the United States would not permit Iran to hold global commerce hostage and accused the government of using international shipping to fund the Islamic Revolutionary Guard Corps.

Screenshots from May 18 had shown a HormuzSafe website offering digital maritime cargo insurance with policies payable in Bitcoin. Iranian state-linked media reported that the proposed platform could issue marine policies and certificates of financial responsibility and might generate more than $10 billion in revenue. The site later became inaccessible.

The Strait of Hormuz carries roughly one-fifth of global oil trade. Earlier accounts indicated Iran had accepted oil transit payments in Chinese yuan, the stablecoin USDt and Bitcoin, though no on-chain evidence of Bitcoin transfers had been confirmed. In April, US authorities froze $344 million in USDt linked to Iran.