Treasury Sanctions Iranian Firms Taking Bitcoin for Hormuz Passage

The U.S. Treasury’s Office of Foreign Assets Control sanctioned two Iranian firms it says are taking Bitcoin as payment for passage through the Strait of Hormuz. Treasury says vessels transiting the chokepoint—linked to about a fifth of the world’s oil—are required to buy maritime “insurance” approved by bodies tied to the Islamic Revolutionary Guard Corps. Persian Gulf Marine Insurance Company brokers the policies, while HormuzSafe Marine Services Authority markets traffic control, security and emergency response and accepts Bitcoin and other digital assets. Treasury said the crypto channel is aimed at bypassing Western sanctions and replacing revenue lost to Operation Epic Fury. More than 100 related vessels have been sanctioned since January.