OFAC Issues Warning: Paying Iran's Strait of Hormuz Transit Fees with Cryptocurrency Violates U.S. Sanctions

According to the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), on May 1, the agency warned that using cryptocurrency to pay Iran's required Strait of Hormuz transit fees may constitute a sanctions violation.
OFAC stated that U.S. individuals and entities engaged in financial transactions or payment guarantees with the Iranian regime could face secondary sanctions.
The agency further clarified that transactions with the Iranian government are prohibited, and no money or non-monetary consideration may be paid for transit through the strait.
OFAC also pointed out that cryptocurrency exchanges associated with Iran may be considered Iranian financial institutions.
Participating in such exchanges or related transactions could lead to secondary sanctions, including restrictions from accessing the U.S. financial system. #WCTC交易王PK