Bitcoin-insurance startup skips seed round, lands straight on OFAC sanctions list 🇮🇷

The US Treasury has sanctioned two Iranian maritime firms it says were part of an insurance network backed by the Islamic Revolutionary Guard Corps (IRGC), with one accused of accepting Bitcoin ($BTC) and other digital assets to skirt Western restrictions. On Wednesday, the Treasury's Office of Foreign Assets Control (OFAC) designated Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority as operating in Iran's financial sector, alleging they required commercial vessels to purchase approved coverage before transiting the Strait of Hormuz. The action also targeted eight companies linked to Iran's shadow fleet and identified eight vessels as blocked property.

OFAC said HormuzSafe accepted $BTC and other cryptocurrencies as part of efforts to evade sanctions, alleging the platform generated revenue on behalf of the IRGC while helping Iran tighten its grip on shipping through the strait. On May 18, screenshots of a HormuzSafe website circulated online offering "digital insurance" for maritime cargo, with policies payable in Bitcoin; the website was inaccessible when checked at the time, and Iranian state-linked media Fars News Agency reported the proposal could generate over $10 billion in revenue. Iranian media said the project was still under consideration.

Earlier this year, the Bitcoin Policy Institute reported that Iran had accepted oil toll payments in Chinese yuan, Tether USDt ($USDT) and Bitcoin, though no onchain evidence had yet surfaced confirming such transactions. The US has since stepped up its crypto-related enforcement: in April, authorities froze $344 million in $USDT tied to Iran. Treasury officials framed the new designations as part of a broader effort to cut off revenue streams to the IRGC.

Bitcoin's lack of a centralized issuer able to freeze funds makes it attractive to sanctioned actors, contrasted with centralized stablecoins whose issuers can block addresses. The Strait of Hormuz carries roughly one-fifth of global oil trade, placing the alleged insurance scheme at a sensitive chokepoint for international energy markets. "The United States will not allow Iran to hold global commerce hostage," Treasury Secretary Scott Bessent said, accusing the regime of using international shipping to finance the IRGC.