coin-img-ETHETH+1.38%coin-img-BTCBTC+1.18%coin-img-SOLSOL+1.86%coin-img-USDCUSDC-0.02%coin-img-UBOXUBOX-50.10%coin-img-XRPXRP+2.02%coin-img-HYPEHYPE-1.72%coin-img-TRXTRX+0.73%coin-img-ETHETH+1.38%coin-img-BTCBTC+1.18%coin-img-SOLSOL+1.86%coin-img-USDCUSDC-0.02%coin-img-UBOXUBOX-50.10%coin-img-XRPXRP+2.02%coin-img-HYPEHYPE-1.72%coin-img-TRXTRX+0.73%coin-img-ETHETH+1.38%coin-img-BTCBTC+1.18%coin-img-SOLSOL+1.86%coin-img-USDCUSDC-0.02%coin-img-UBOXUBOX-50.10%coin-img-XRPXRP+2.02%coin-img-HYPEHYPE-1.72%coin-img-TRXTRX+0.73%coin-img-ETHETH+1.38%coin-img-BTCBTC+1.18%coin-img-SOLSOL+1.86%coin-img-USDCUSDC-0.02%coin-img-UBOXUBOX-50.10%coin-img-XRPXRP+2.02%coin-img-HYPEHYPE-1.72%coin-img-TRXTRX+0.73%

U.S. sanctions Iranian maritime insurers over alleged Bitcoin-based sanctions evasion

The U.S. Treasury's Office of Foreign Assets Control (OFAC) said on July 30 that it has imposed sanctions on two Iranian shipping-related insurance firms, Persian Gulf Marine Insurance Company and HormuzSafe, according to Cointelegraph, as cited by ChainThink. OFAC alleged the two companies are central to a maritime insurance network backed by Iran's Islamic Revolutionary Guard Corps (IRGC), and said the network pressured commercial vessels transiting the Strait of Hormuz to buy insurance approved by the firms. OFAC also claimed HormuzSafe accepted BTC and other crypto assets to bypass Western sanctions, generating revenue for the IRGC. In May, HormuzSafe's website publicly marketed a "digital insurance" service payable in Bitcoin. Iran's state-affiliated Fars News Agency reported the platform's potential revenue could exceed $10 billion. The action also targets eight companies and eight vessels linked to Iran's so-called "shadow fleet."
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