According to U.S. Treasury's Office of Foreign Assets Control (OFAC) announcement on Friday (July 31), the U.S. sanctioned Persian Gulf Marine Insurance Company (PGMIC) and HormuzSafe Marine Services Authority for operating an Iran-backed scheme that accepts Bitcoin and other digital assets as payment to bypass sanctions. The OFAC said Hormuz Safe, developed by Iran's Ministry of Economy, allows commercial vessels transiting the Strait of Hormuz to purchase mandatory "insurance" using cryptocurrency. Secretary of the Treasury Scott Bessent stated: "With its economy in freefall and inflation in the triple digits, the regime is desperate for cash. 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."
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