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Treasury sanctions two Iranian insurance firms; one accepts Bitcoin
Hormuz Safe accepts Bitcoin for maritime services, according to the U.S. Treasury
The U.S. Treasury’s Office of Foreign Assets Control (OFAC) designated the Persian Gulf Marine Insurance Company (PGMIC) and HormuzSafe Marine Services Authority, also known as Hormuz Safe, on July 29. In its announcement, Treasury described the two as part of a scheme to sell maritime insurance to ships crossing the Strait of Hormuz.
Treasury said Hormuz Safe accepts Bitcoin and other digital assets as part of an effort to bypass Western sanctions. It did not say that PGMIC accepts Bitcoin. PGMIC brokers and issues insurance policies approved by the Persian Gulf Strait Authority, according to the same release.
Why Bitcoin is part of the case
Hormuz Safe offers maritime insurance and related services to vessels transiting the strait, Treasury said. Its acceptance of digital-asset payments is the specific crypto connection in this sanctions action. The release does not quantify Bitcoin payments or identify wallet addresses.
What the designations do
OFAC designated both firms under Executive Order 13902 for operating in Iran’s financial sector. Treasury says property of designated entities in U.S. jurisdiction is blocked. Transactions involving that property are generally prohibited for U.S. persons unless authorized or exempt. The same July 29 action also targeted vessels and companies tied to Iranian oil shipments.