Summary
- The U.S. Department of the Treasury has sanctioned two Iranian companies involved in a scheme that compels ships to purchase IRGC-sanctioned insurance for passage through the Strait of Hormuz.
- One of these companies, Hormuz Safe, reportedly accepts Bitcoin and other cryptocurrencies to circumvent sanctions, according to the Treasury.
- Blockchain experts expressed skepticism in April, stating they found no substantial evidence of cryptocurrency being utilized for tolls in Hormuz.
The U.S. Treasury has revealed that Iran is accepting Bitcoin from commercial vessels in exchange for transit through the vital Strait of Hormuz. This announcement follows sanctions imposed by the Office of Foreign Assets Control (OFAC) on two firms involved in this operation. Ships traversing this strategic passage, which accounts for approximately 20% of the global oil supply, must acquire maritime "insurance" authorized by the Islamic Revolutionary Guard Corps (IRGC).
This insurance is meant to protect against potential threats that Iran itself may pose, particularly the seizure of ships. The Persian Gulf Marine Insurance Company, established by Iran's insurance regulatory body, facilitates these policies, which gain approval from the IRGC-supported Persian Gulf Strait Authority; this authority was designated by Washington in May.
Today, Treasury’s Office of Foreign Assets Control designated two firms integral to an Islamic Revolutionary Guard Corps-backed extortion scheme that forces commercial vessels to purchase mandatory maritime “insurance” to transit the Strait of Hormuz. Although this coverage…
— Treasury Department (@USTreasury) July 29, 2026
Bitcoin Transactions
The second company, HormuzSafe Marine Services Authority, was established by Iran's Ministry of Economy and claims to provide traffic management, security, emergency services, and insurance. It accepts Bitcoin and other digital currencies, a move that OFAC suggests is intended to bypass Western sanctions. Babak Morteza Zanjani, an Iranian financier previously sanctioned earlier this year, has promoted this firm on social media.
When the Financial Times reported in April that Iran would start demanding cryptocurrency tolls from vessels, beginning at $1 per barrel, blockchain analysts were initially doubtful about the feasibility of such claims. At that time, Ari Redbord, head of policy at TRM Labs, expressed his skepticism to Decrypt, noting the absence of data indicating widespread use of cryptocurrency for Hormuz transit. Others pointed out that the spokesperson cited in the report did not represent the Iranian regime. The Treasury's recent designation clarifies this issue by identifying a government-affiliated firm that accepts Bitcoin as part of its operations.
Consequences for the Shadow Fleet
According to Treasury Secretary Scott Bessent, the Iranian government is "desperate for cash," grappling with an economy in severe decline and inflation rates in the triple digits. He emphasized that the U.S. would not allow Iran to "hold global commerce hostage."
This sanctions action also included the designation of eight tankers and their operators involved in transporting Iranian crude oil and petroleum products, with most companies registered in Hong Kong. Since January, over 100 vessels linked to Iran's shadow fleet have faced sanctions, with Treasury indicating that these insurance schemes are designed to compensate for revenue lost due to Operation Epic Fury.
On Myriad, a prediction market managed by Decrypt’s parent company Dastan, users estimate a 38% probability that the Iranian blockade will end by August 31.