CoinDesk·4 min read·hard
U.S. sanctions Iran-linked bitcoin insurance scheme for Strait of Hormuz ships
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Shaurya Malwa
✦AI Summary
The U.S. Treasury has sanctioned two Iran-linked entities, Persian Gulf Marine Insurance Company and HormuzSafe, for operating a bitcoin-based insurance scheme. The U.S. alleges the platform is a tool for the Iranian regime to bypass international sanctions and generate revenue through extortion-like shipping policies.
The Office of Foreign Assets Control designated the Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, known as Hormuz Safe.
economycryptopolitics
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