The U.S. Treasury's Office of Foreign Assets Control (OFAC) sanctioned two Iranian firms on Thursday for allegedly forcing commercial vessels to buy mandatory 'insurance' to transit the Strait of Hormuz. One of the firms, HormuzSafe Marine Services Authority, accepts Bitcoin for those payments. The move targets a scheme that effectively extorts shipping companies using the strategic waterway.
The sanctioned firms
OFAC named HormuzSafe Marine Services Authority and the Persian Gulf Marine Insurance Company. Both are Iranian entities. The Treasury accuses them of compelling vessels to purchase what it calls a 'mandatory insurance' policy before they can pass through the Strait of Hormuz. In reality, the payments function as a toll — a coercive fee backed by the threat of detention or harassment.
Bitcoin as payment method
HormuzSafe Marine Services Authority accepts Bitcoin for these insurance payments. That detail makes the case stand out: it's a rare instance of a sanctioned entity openly using cryptocurrency to collect revenue from international shipping. The Treasury didn't specify how much Bitcoin the firm has received or whether it uses any mixing services, but the designation puts crypto exchanges and wallet providers on notice to screen for transactions linked to the firm.
Why the Strait of Hormuz matters
Roughly a fifth of the world's oil passes through the Strait of Hormuz. Any disruption there rattles global energy markets. By sanctioning the firms, the U.S. is trying to cut off a revenue stream that Iran uses to fund what Washington calls 'malign activities' in the region. The move also signals that OFAC is watching how crypto gets used to bypass traditional financial controls — even in niche maritime insurance.
What the sanctions do
The designations freeze any U.S.-based assets of the two firms and bar American citizens and companies from doing business with them. Foreign entities that transact with the sanctioned firms also risk secondary sanctions. The Treasury didn't announce any immediate enforcement actions against specific Bitcoin transactions, but the designation gives regulators a clear target to monitor.
