OFAC Targets Iran's Hormuz Bitcoin Toll Network, Blocks Eight Shadow Tankers

The U.S. Treasury’s Office of Foreign Assets Control (OFAC) designated two Iranian maritime entities on July 29 for running a state-backed extortion scheme in the Strait of Hormuz, with payments collected in Bitcoin and other digital assets to evade Western financial controls. OFAC said the move closes an enforcement gap that exchange-level sanctions couldn’t reach, including peer-to-peer Bitcoin transfers from commercial shippers directly to IRGC-controlled wallets. The targets were the Persian Gulf Marine Insurance Company (PGMIC) and HormuzSafe Marine Services Authority. Separately, OFAC designated eight shipping companies and blocked eight tankers tied to Iran’s shadow petroleum fleet.