OFAC Sanctions Iran Strait of Hormuz Insurers Accepting Bitcoin Payments

The U.S. Treasury and OFAC on July 29 sanctioned two Iranian maritime insurance-linked firms tied to a “Strait of Hormuz” scheme that accepts Bitcoin for payment. Named entities include the Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority (trading as Hormuz Safe). U.S. officials said the mechanism is “extortion rather than coverage,” arguing the insured risks (such as vessel seizure) are “overwhelmingly created by Iran itself.” Under Executive Order 13902, U.S. persons are barred from dealing with the designated entities, while non-U.S. parties that interact with them could face secondary sanctions. OFAC also stated Hormuz Safe was built by Iran’s Ministry of Economy and “accepts payment in Bitcoin and other digital assets” to help bypass Western sanctions. Treasury emphasized that paying with Bitcoin does not lower legal exposure and that blockchain payments carry comparable compliance risk to traditional finance. The later reporting adds context: the scheme was allegedly cleared by an IRGC-backed body, the Persian Gulf Strait Authority (designated in May). The action is part of a broader shadow fleet crackdown, with Treasury noting it has blacklisted over 100 Iran-linked vessels this year, and it follows crypto-related sanctions including the June designation of Iranian exchange Nobitex. For crypto traders, the key takeaway is that OFAC sanctions are explicitly targeting sanctions-bypass payments using Bitcoin in a maritime toll/insurance workflow. This can raise compliance and counterparty risk for anyone with exposure to Iran-linked shipping finance, routing, or claims handling that touches Bitcoin settlement flows.