The U.S. Treasury sanctioned two Iranian maritime insurance companies on July 29, alleging that they supported an Islamic Revolutionary Guard Corps-linked system for collecting revenue from vessels using the Strait of Hormuz.
Summary
- Two Iranian maritime insurers were sanctioned after Treasury alleged HormuzSafe accepted Bitcoin to evade restrictions.
- Eight shipping companies and eight vessels were also targeted over alleged Iranian petroleum transport activities.
- OFAC published no Bitcoin addresses, transaction hashes or payment totals supporting its public designation announcement.
The Office of Foreign Assets Control added HormuzSafe Marine Services Authority and Persian Gulf Marine Insurance Company to its Specially Designated Nationals list. Both were designated under Executive Order 13902 for operating in Iran’s financial sector.
U.S. sanctions target HormuzSafe’s alleged Bitcoin use
Treasury described the two companies as part of an “IRGC-backed extortion scheme” that required commercial vessels to purchase approved maritime insurance before crossing the strait. These are U.S. government allegations, and the sanctions announcement did not include a court ruling against either company.
The department said HormuzSafe was developed by Iran’s Ministry of Economy and “accepts payment in Bitcoin and other digital assets” to bypass Western restrictions. It further alleged that the company generated revenue for the IRGC and helped Iran tighten control over regional shipping.
However, the public Treasury release and OFAC listing did not identify Bitcoin addresses, transaction hashes, payment amounts or specific customers. Therefore, the announcement confirms the U.S. designation and its allegations, but it does not provide public on-chain evidence showing completed Bitcoin payments.
Earlier Bitcoin insurance reports lacked payment evidence
moreover, HormuzSafe promoted maritime insurance payable in Bitcoin in May. The platform reportedly offered digital insurance policies and financial-responsibility certificates for ships operating around the Strait of Hormuz.
Iranian state-linked reports claimed the platform could eventually generate more than $10 billion annually. However, that figure was a projection rather than recorded revenue. No independent adoption data or verified Bitcoin payment records were available at the time.
The July action moves HormuzSafe from a reported sanctions-evasion proposal to an official U.S. sanctions target. Still, the designation does not establish how much cryptocurrency the platform received or whether Bitcoin formed a major part of its revenue.
Eight tankers and eight shipping firms were also targeted
OFAC also sanctioned eight companies accused of operating in Iran’s petroleum sector. The businesses are registered in China, Hong Kong and the Marshall Islands and were linked to vessels that Treasury said transported Iranian crude oil or petroleum products.
Eight tankers were identified as blocked property, including Well Sail, Lily, Al Salmi, Breeze V, Natsumi, Crystal, Nireta and Yehope. Treasury said some had carried millions of barrels of Iranian oil to China since 2022.
The Strait of Hormuz remains a central energy shipping route. U.S. Energy Information Administration data showed that flows through the waterway represented more than one-quarter of global seaborne oil trade and about one-fifth of worldwide oil consumption during 2024 and early 2025.
What happens after the OFAC designation
Property belonging to the sanctioned companies that enters U.S. jurisdiction must be blocked and reported to OFAC. Companies owned at least 50% by one or more blocked parties are also subject to restrictions, even when they are not separately listed.
U.S. persons are generally prohibited from providing funds, services or other economic benefits to the designated companies. Non-U.S. financial institutions may also face sanctions exposure when they knowingly facilitate certain transactions involving blocked parties.
The action did not announce a cryptocurrency seizure, criminal charge or enforcement case against customers who may have used HormuzSafe. Any later asset recovery or prosecution would require additional legal or regulatory action.
U.S. authorities previously froze $344 million in Iran-linked USDT across two Tron addresses. Unlike Bitcoin, USDT can be frozen through controls operated by its centralized issuer.
