US Treasury Imposes Sanctions on Iranian Firms Accepting Bitcoin for Hormuz Passage

US Treasury Targets Iranian Companies Accepting Bitcoin

The U.S. Department of the Treasury has imposed sanctions on two Iranian firms involved in a scheme that requires commercial vessels to purchase maritime insurance sanctioned by the Islamic Revolutionary Guard Corps (IRGC) to transit the crucial Strait of Hormuz. This strategic waterway is vital for global oil supply, with approximately 20% of it passing through.

One of the sanctioned companies, Hormuz Safe, reportedly accepts Bitcoin and other cryptocurrencies, raising concerns about efforts to evade existing sanctions. The Treasury's action follows claims that Iran is leveraging cryptocurrency for toll payments from ships navigating the Strait.

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.

— Treasury Department (@USTreasury) July 29, 2026

Details on the Insurance Scheme

The second firm, HormuzSafe Marine Services Authority, claims to offer traffic management and emergency services alongside insurance. Its acceptance of Bitcoin is viewed by the Office of Foreign Assets Control (OFAC) as a tactic to circumvent Western sanctions. Babak Morteza Zanjani, a previously sanctioned Iranian financier, has been promoting this venture on social media.

In April, reports indicated that Iran might start demanding cryptocurrency tolls from vessels, yet blockchain experts expressed skepticism about the practicality of such an approach, noting a lack of evidence supporting its implementation. The recent sanctions clarify the involvement of a government-affiliated entity accepting Bitcoin.

Impact on Iran’s Economy and Shadow Fleet

Treasury Secretary Scott Bessent highlighted Iran’s dire economic situation, marked by soaring inflation and a desperate need for cash. The U.S. government aims to prevent Iran from leveraging its position to disrupt global trade.

The sanctions also targeted eight tankers and their operators involved in the transport of Iranian crude oil, with many firms registered in Hong Kong. Since the beginning of the year, over 100 vessels linked to Iran's shadow fleet have faced sanctions, as these insurance schemes are seen as efforts to recover lost revenue due to U.S. actions.

Market predictions suggest a 38% chance that the Iranian blockade will conclude by the end of August, as the situation continues to evolve.