The Treasury Department has added two Iranian maritime companies to its sanctions list: Persian Gulf Marine Insurance and HormuzSafe Marine Services Authority.
According to OFAC, Persian Gulf Marine Insurance and HormuzSafe Marine Services Authority accepted bitcoin (BTC) and other digital assets to evade sanctions. The agency says the firms generated revenue for the IRGC and helped Tehran control shipping through the Strait of Hormuz.
Hot topic: US Fed Holds Rates — Bitcoin Stays Near $64K, S&P 500 Posts Worst-Ever ‘Fed Day’ Reaction
In addition to the companies, eight vessels and eight associated firms linked to Iran’s shadow fleet were also sanctioned. Since the start of the year, OFAC has sanctioned more than 100 vessels from this network.
Contents
HormuzSafe: Insurance for Ships — Payable in Bitcoin
In May 2026, reports surfaced about an Iranian insurance service called HormuzSafe, with payments accepted in bitcoin. The service offered insurance policies with cryptographic confirmation for shipments passing through the Persian Gulf and Strait of Hormuz. According to OFAC, commercial vessels were forced to buy mandatory insurance to transit the strait–even though Iran itself creates the main risks, including vessel seizures.
The Treasury Department emphasized that HormuzSafe was established with the involvement of Iran’s Ministry of Economy. The company accepts bitcoin and other cryptocurrencies to bypass sanctions. Treasury Secretary Scott Bessent said:
“Iran’s economy is in free fall, inflation is in triple digits, and the regime desperately needs money. The US will not allow Iran to hold global trade hostage or use international shipping to fund terrorism.”
Read more: The End of Crypto Privacy? How Global Regulations Are Changing Everything in 2026
Why Bitcoin Is Attractive to Sanctioned Entities
Bitcoin is becoming the preferred tool for sanctioned countries and organizations. Unlike centralized stablecoins, which can freeze addresses at regulators’ request, bitcoin has no single issuer–making it more resistant to blocking.
In April 2026, US authorities froze $344 million in USDT linked to Iran. In May, Bessent reported the seizure of about $1 billion in Iranian crypto assets under Operation Economic Fury.
What This Means for the Crypto Market
The sanctions against HormuzSafe and Persian Gulf Marine show that the US is increasingly tracking and disrupting crypto use for sanctions evasion. For the market, it confirms that bitcoin remains vulnerable to regulatory pressure through sanctions controls–but its decentralized nature makes it more resilient to blocking than stablecoins.
Learn more: How to Use Crypto Anonymously — Complete Guide