The U.S. Treasury sanctioned two Iranian maritime insurance companies on July 29, alleging they supported an Islamic Revolutionary Guard Corps-linked system for collecting revenue from vessels using the Strait of Hormuz. Treasury said one of them, HormuzSafe, takes payment in Bitcoin to bypass Western restrictions — but published no addresses, transaction hashes or payment totals.
The Office of Foreign Assets Control added HormuzSafe Marine Services Authority and Persian Gulf Marine Insurance Company to its Specially Designated Nationals list, designating both under Executive Order 13902 for operating in Iran's financial sector. Treasury called the arrangement an IRGC-backed extortion scheme that required commercial vessels to purchase approved maritime insurance before crossing the strait. The designation rests on U.S. government allegations, and the announcement did not include a court ruling against either company.
Treasury cites Bitcoin payments but publishes no proof
The department said Iran's Ministry of Economy developed HormuzSafe and that the platform "accepts payment in Bitcoin and other digital assets" to bypass Western restrictions. It further alleged the company generated revenue for the IRGC and helped Iran tighten control over regional shipping.
However, neither the public release nor the OFAC listing identified Bitcoin addresses, transaction hashes, payment amounts or specific customers. The announcement therefore confirms the designation and its allegations without offering public on-chain evidence of completed payments.
That gap traces back to the platform's debut. HormuzSafe promoted maritime insurance payable in Bitcoin in May, reportedly offering digital policies and financial-responsibility certificates for ships operating around the strait. Iranian state-linked reports claimed it could eventually generate more than $10 billion annually, though that figure was a projection rather than recorded revenue.
Eight tankers and eight shipping firms were also targeted
OFAC sanctioned eight companies accused of operating in Iran's petroleum sector, registered in China, Hong Kong and the Marshall Islands. Treasury named eight tankers as blocked property — Well Sail, Lily, Al Salmi, Breeze V, Natsumi, Crystal, Nireta and Yehope — and said some had carried millions of barrels of Iranian oil to China since 2022.
The waterway they cross remains a central energy route. U.S. Energy Information Administration data showed flows through the strait represented more than one-quarter of global seaborne oil trade and about one-fifth of worldwide oil consumption during 2024 and early 2025.
What the designation does not do
Property belonging to the sanctioned companies that enters U.S. jurisdiction must be blocked and reported to OFAC, and firms owned at least 50% by blocked parties fall under the same restrictions even when not separately listed. Non-U.S. financial institutions may also face sanctions exposure when they knowingly facilitate certain transactions involving blocked parties.
Yet the action announced no cryptocurrency seizure, criminal charge or enforcement case against customers who may have used HormuzSafe. U.S. authorities previously froze $344 million in Iran-linked USDT across two Tron addresses; unlike Bitcoin, USDT can be frozen through controls operated by its centralized issuer.
Sources: U.S. Department of the Treasury (OFAC), crypto.news
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