The U.S. Treasury on July 29 imposed sanctions on two Iranian maritime insurance companies, alleging they were involved in an Islamic Revolutionary Guard Corps-linked system that extracted revenue from vessels transiting the Strait of Hormuz.

Treasury said one of the firms, HormuzSafe, was developed by Iran’s Ministry of Economy and accepted payment in Bitcoin and other digital assets to get around Western restrictions. The department’s public announcement, however, did not provide wallet addresses, transaction records, payment values, or the identities of specific customers.

Treasury links insurers to Strait of Hormuz scheme

According to Treasury, the sanctioned insurers were part of a structure that required commercial ships crossing the Strait of Hormuz to obtain approved maritime insurance. U.S. authorities described the arrangement as an IRGC-backed extortion scheme tied to revenue collection from regional shipping.

The sanctions announcement framed the insurance requirement as a means of tightening Iranian control over maritime traffic while generating funds for the IRGC. Treasury’s allegations were presented as part of a broader action targeting Iranian commercial networks connected to shipping and energy transport.

HormuzSafe accused of using crypto payments

Treasury specifically alleged that HormuzSafe accepted Bitcoin and other digital assets as payment. In the U.S. account, the use of cryptocurrency was intended to help bypass Western restrictions while allowing the company to continue collecting revenue.

At the same time, the public materials released with the sanctions action offered only limited technical detail about the claimed crypto activity. The statement did not name any Bitcoin addresses, cite transaction hashes, disclose payment amounts, or identify customers said to have used the service.

Additional firms and tankers were also designated

The action extended beyond the two insurers. The Office of Foreign Assets Control also sanctioned eight companies that Treasury accused of operating in Iran’s petroleum sector and linked to vessels transporting Iranian crude oil or petroleum products.

Eight tankers were blocked as part of the same package: Well Sail, Lily, Al Salmi, Breeze V, Natsumi, Crystal, Nireta and Yehope. The designations place those vessels and related entities under U.S. sanctions restrictions.

Immediate legal effect of the designations

Under OFAC rules, any property or interests in property of the sanctioned companies that come within U.S. jurisdiction must be blocked and reported. U.S. persons are generally barred from providing funds, goods, or services to the designated parties.

Treasury also signaled that non-U.S. financial institutions could face sanctions exposure if they facilitate transactions involving blocked entities. The announcement did not include a cryptocurrency seizure, nor did it announce an enforcement case against customers who may have used HormuzSafe.

What is confirmed next

For now, the confirmed consequence is the sanctions designation itself and the compliance obligations that follow from it. The public record establishes Treasury’s allegations, the names of the sanctioned entities and tankers, and the restrictions triggered by OFAC action.

What remains unconfirmed from the public release are the operational details of the alleged Bitcoin payment channel, including specific wallets, transaction history, and the scale of any crypto flows tied to the insurers.

Source: crypto.news