U.S Alleges Iranian Maritime Network Used Bitcoin to Bypass International Sanctions 

The United States has accused an Iranian maritime network of using Bitcoin and other cryptocurrencies to bypass international sanctions and move money beyond the reach of traditional financial institutions. 

According to a press release today, the U.S. Treasury disclosed that commercial vessels transiting the Strait of Hormuz were required to purchase maritime insurance using digital assets. The case marks another chapter in Washington’s expanding efforts to police illicit blockchain-based financial activity.

Sanctions Hit Iran’s Bitcoin Network

The U.S. Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions against what it describes as an Iranian maritime network. The agency noted that the network relied on digital assets to sustain its operations while evading sanctions. 

According to OFAC, entities operating under the names Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority accepted Bitcoin and other digital assets. These payments were for insurance services offered to commercial vessels navigating the Strait of Hormuz despite international financial restrictions. 

U.S. officials claim the arrangement generated revenue that ultimately supported the IRGC, which Washington designates as a terrorist organization. Treasury also sanctioned businessman Babak Zanjani, alleging that he promoted the digital insurance platform and played a role in expanding its reach. 

Treasury Tracks Iran Crypto Surge  

The latest allegations fit into a broader pattern of Iran turning to crypto as economic sanctions tighten access to the global financial system. Earlier, during a fragile truce between the country and the U.S, Iran announced that commercial ships seeking safe passage through the Strait of Hormuz must pay toll fees in cryptocurrency.

Over the past several years, Iran has repeatedly signaled interest in using crypto to reduce dependence on the U.S. dollar. It has encouraged licensed Bitcoin mining and explored digital asset payments in international trade. The country has also publicly proposed selling advanced military hardware to foreign buyers in exchange for cryptocurrency.

U.S. authorities have previously sanctioned Iranian virtual currency exchanges and wallet operators. The platforms were accused of facilitating ransomware payments, money laundering, and sanctions evasion. Treasury’s latest action suggests officials now believe digital assets are also supporting maritime commerce linked to Iran’s energy sector. 

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