U.S. Sanctions Iran Over Bitcoin Shipping Insurance Scheme

The U.S. Treasury Department recently sanctioned two Iranian companies for running a forced maritime insurance scheme. Officials claim that Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority pressured commercial vessels in the Strait of Hormuz to pay for coverage. This operation allegedly funneled money to the Islamic Revolutionary Guard Corps to help the regime bypass international financial restrictions.

According to the Treasury, these firms specifically accepted Bitcoin and other digital assets to collect these payments. Officials argue the insurance policies were a form of extortion because the regime created the very risks that the policies claimed to cover. By targeting these companies, the U.S. aims to stop the flow of funds to groups it identifies as threats to global commerce.

This move follows a pattern of digital asset activity linked to the region, including reports of crypto scams offering fake security to tankers earlier this year. U.S. persons are now prohibited from dealing with the sanctioned entities, and foreign firms face potential penalties for conducting business with them. While the news highlights the use of crypto for bypassing sanctions, the Bitcoin market remained largely stable following the announcement.