The U.S. Department of the Treasury announced on July 29 that its Office of Foreign Assets Control (OFAC) has sanctioned two Iranian firms, the Persian Gulf Marine Insurance Company and Hormu
The U.S. Department of the Treasury announced on July 29 that its Office of Foreign Assets Control (OFAC) has sanctioned two Iranian firms, the Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, integral to the Islamic Revolutionary Guard Corps' (IRGC) Bitcoin (BTC)-focused "extortion" scheme forcing commercial vessels to pay an “insurance” to pass through the Strait of Hormuz.
Related: Iran offers insurance lifeline for ships crossing Hormuz
As reported earlier, Iran began a digital insurance firm called Hormuz Safe in May. Developed by Iran’s Ministry of Economy, it accepts Bitcoin payments to bypass Western sanctions, the Treasury said.
The department said it took the latest action pursuant to Executive Order 13902, which targets Iran’s petroleum and petrochemical sectors and advances President Donald Trump’s National Security Presidential Memorandum 2 (NSPM-2), to impose maximum economic pressure on Iran.
Individuals located in the U.S. or abroad who provide information about sanctions violations to FinCEN’s whistleblower incentive program may be eligible for awards if their information leads to a successful enforcement action that results in penalties exceeding $1 million, the Treasury said.
Treasury Secretary Scott Bessent said, “The United States will not allow Iran to hold global commerce hostage or use international shipping to finance the IRGC’s terrorism, aggression, and repression.”
The U.S. is targeting Iran's crypto infrastructure in particular as it attempts to contain the Asian country's control over the Hormuz.
On July 14, the OFAC sanctioned multiple crypto wallets tied to the Central Bank of Iran and froze over $130 million worth of digital assets.
As reported earlier, Bessent boasted of the U.S. seizing approximately $500 million in Iranian crypto assets during a conversation.
Related: Treasury Secretary Bessent takes another drastic action hurting Iran
