The US just blacklisted the Iranian maritime scheme forcing commercial ships to pay Bitcoin tolls for safe passage

A notable development has hit the crypto markets. Office of Foreign Assets Control added two Iranian maritime insurance firms to its Specially Designated Nationals list on July 29, designating HormuzSafe Marine Services Authority and Persian Gulf Marine Insurance Company as blocked counterparties for U. persons and for transactions within or transiting the United States. The OFAC notice lists both Iranian maritime insurance firms under Executive Order 13902 for operating in Iran’s financial sector and says each is subject to secondary sanctions.

HormuzSafe had previously been described as a Bitcoin-settled insurance proposal. The designation adds two named entities to an existing sanctions-risk framework. The Treasury Department alleged that HormuzSafe and PGMIC support an Islamic Revolutionary Guard Corps-backed scheme that forces commercial vessels to buy purported insurance for passage through the Strait of Hormuz.

Market Dynamics

Treasury also said HormuzSafe accepts Bitcoin and other digital assets to bypass Western sanctions. Neither July 29 page identifies wallet addresses or payment volume. Related Reading Bitcoin enters the war as Iran wants ships to pay in BTC to get through Hormuz The move would push Bitcoin into a live trade chokepoint where sanctions, shipping delays, and market risk collide.

Apr 8, 2026 Liam 'Akiba' Wright A separate shadow-fleet component of the same action designated eight companies for operating in Iran’s petroleum sector and identified eight vessels as blocked property linked to them. Those companies and vessels form a different group from the two insurance firms. The compliance split OFAC rules cover U.

citizens and permanent residents wherever they are located, people and entities in the United States, and U. -incorporated companies and their foreign branches. Iran sanctions can also cover foreign entities owned or controlled by U.

Market Impact

Property of HormuzSafe, PGMIC or another blocked person that enters the United States or a U. person’s possession or control must be frozen. -person transactions, and transactions within or transiting the United States, involving blocked property are generally prohibited unless authorized or exempt.

OFAC explains that blocking freezes the property rather than transferring or returning it. An initial block must be reported to OFAC within 10 business days. The same deadline applies when the rules require rejection of a transaction that does not involve blockable property, according to reporting guidance.

Related Reading US turns stablecoin issuer Tether into a financial weapon against Iran, freezing nearly $500 million Tether’s ability to blacklist wallets has given U. authorities a new point of control over offshore digital funds. Jul 15, 2026 Oluwapelumi Adejumo The duty to identify blocked entities extends beyond exact-name matching.

This shift continues to shape the digital-asset landscape, with analysts examining its near-term effects.