U.S. sanctions two Iranian maritime insurers for using crypto to bypass sanctions

BitcoinWorld U.S. sanctions two Iranian maritime insurers for using crypto to bypass sanctions The U.S.

Treasury Department’s Office of Foreign Assets Control (OFAC) has imposed sanctions on two Iranian maritime insurance entities, accusing them of brokering coverage for vessels transiting the Strait of Hormuz using cryptocurrency payments to evade U.S. sanctions.

The move targets Iran’s Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, both of which the Treasury says operated with approval from the Islamic Revolutionary Guard Corps (IRGC).

Sanctions target insurance scheme tied to IRGC According to the Treasury Department, the sanctioned entities facilitated insurance policies that claimed to protect commercial vessels from risks including seizure, detention, and other maritime threats.