US Sanctions Iran Firms Over Alleged Bitcoin Maritime Insurance Scheme

Highlights:

• U.S. authorities have sanctioned two Iranian maritime insurance firms over allegations that they supported an IRGC-backed insurance network.
• Bitcoin maritime insurance remains under question because the U.S. did not provide public evidence of completed Bitcoin payments.
• Eight shipping companies and eight tankers also face U.S. sanctions over their alleged role in transporting Iranian oil.

The U.S. Treasury sanctioned two Iranian maritime insurance companies on July 29 over an alleged Islamic Revolutionary Guard Corps-backed insurance network. The Office of Foreign Assets Control added HormuzSafe Marine Services Authority and Persian Gulf Marine Insurance Company to its Specially Designated Nationals list. OFAC designated both companies under Executive Order 13902 because officials said they operated in Iran’s financial sector.

JUST IN: 🇺🇸🇮🇷 U.S. Treasury sanctions Iran Bitcoin and crypto insurance scheme.

– OFAC designated two Islamic Revolutionary Guard Corps-backed firms.

– “The regime profited under the guise of maritime services, including payments in digital assets to evade sanctions.” pic.twitter.com/GcS7oVv9b5

— Whale Insider (@WhaleInsider) July 29, 2026

Treasury alleges HormuzSafe and Persian Gulf Marine Insurance Company required commercial vessels to buy IRGC-approved insurance before crossing the Strait of Hormuz. Officials said the insurance covered risks that Iran itself allegedly created through vessel seizures and regional tensions. Treasury alleges the insurance network collected payments from commercial vessels and directed revenue to the IRGC.

Treasury said HormuzSafe accepted Bitcoin and other digital assets from commercial vessels to help Iran bypass Western sanctions. Authorities also said Iran’s Ministry of Economy developed HormuzSafe to provide maritime insurance, traffic control, security, and emergency response while collecting revenue from vessels using the Strait of Hormuz. Officials also alleged the platform strengthened Iran’s control over commercial shipping through the strategic waterway.

Treasury Secretary Scott Bessent said, “With its economy in freefall and inflation in the triple digits, the regime is desperate for cash. The United States will not allow Iran to hold global commerce hostage or use international shipping to finance the IRGC’s terrorism, aggression, and repression.” 

Questions Remain Over Bitcoin Maritime Insurance

HormuzSafe drew public attention in May after it promoted digital maritime insurance for vessels operating through the Strait of Hormuz. HormuzSafe promoted maritime insurance policies and financial responsibility certificates for ships operating through the Strait of Hormuz. The platform also advertised Bitcoin and other digital assets as payment methods for maritime insurance policies.

Iranian state-linked media claimed HormuzSafe could eventually generate more than $10 billion annually from maritime insurance services. However, the reports presented that figure as a future projection instead of confirmed revenue from completed insurance sales. Independent sources also did not verify how many shipping companies adopted the platform or completed cryptocurrency payments.

Earlier reports claimed Iran accepted Bitcoin, Tether, and Chinese yuan for some oil-related payments to reduce the impact of Western sanctions. However, public blockchain evidence never confirmed Bitcoin transactions connected to the insurance platform. Unlike Bitcoin, USDT allows its centralized issuer to freeze wallet balances after legal or regulatory action.

Earlier this year, U.S. authorities froze $344 million in Iran-linked USDT held across two Tron blockchain addresses. However, the sanctions did not announce any Bitcoin seizure, cryptocurrency confiscation, or enforcement action involving HormuzSafe users. Meanwhile, the United States has seized roughly $1 billion in Iranian cryptocurrency assets as part of a wider financial pressure campaign against Tehran.

WTF 🇺🇸🇮🇷: The United States has seized close to $1 billion worth of crypto linked to Iran, according to Treasury Secretary Scott Bessent.

The figure marks a major increase from an earlier estimate shared just weeks ago, when officials reported nearly $500 million in seized… pic.twitter.com/mL8ACEwbGn

— Blockto (@CryptoBlockto) May 30, 2026

Shipping Sanctions Expand Beyond HormuzSafe

Treasury also sanctioned eight shipping companies registered in China, Hong Kong, and the Marshall Islands for allegedly supporting Iran’s petroleum sector. OFAC also identified eight tankers as blocked property after alleging they transported Iranian crude oil and petroleum products for sanctioned companies. The blocked vessels include Well Sail, Lily, Al Salmi, Breeze V, Natsumi, Crystal, Nireta, and Yehope.

The sanctions require U.S. authorities to block property belonging to the designated companies that falls under U.S. jurisdiction and prohibit most transactions involving them. The restrictions also apply to companies that one or more sanctioned parties own by at least 50%, even if OFAC does not list them separately. However, Treasury did not announce criminal charges, customer prosecutions, cryptocurrency seizures, or enforcement actions involving HormuzSafe users.