The U.S. Treasury's Office of Foreign Assets Control sanctioned two Iranian firms July 31, 2026, citing their role in a scheme that demands vessels pay for passage through the Strait of Hormuz using Bitcoin and other digital assets.
OFAC identified Hormuz Safe as a central entity in the operation. The firm allegedly requires commercial shipping vessels to purchase "insurance" approved by Iran's Islamic new Guard Corps to transit the waterway. Treasury officials said those payments are facilitated through digital assets to evade international sanctions.
Treasury officials said Hormuz Safe specifically accepts Bitcoin and other cryptocurrencies, allowing the IRGC to circumvent traditional financial systems subject to U.S. and international sanctions regimes.
The Strait of Hormuz is a critical chokepoint for global energy markets. Approximately 20 percent of the world's total petroleum consumption—about 21 million barrels per day—passes through the strait, making illicit taxation of that passage a material concern for global trade and oil prices.
Iran has a documented history of using informal financial networks to bypass sanctions. The turn to digital assets represents an evolving tactic designed to exploit the pseudonymous and borderless nature of cryptocurrencies.
The Treasury's action is not without caveats. Blockchain analysis firm Chainalysis said in April it had identified no significant on-chain activity consistent with large-scale digital asset payments for Hormuz passage, suggesting the scheme is nascent or limited in scale. The sanctions may function as a preemptive designation, targeting the operation before it expands, and serve as a warning to the maritime industry and digital asset service providers.
Bitcoin, trading at $63,423 at the time of the action, posted a 0.6 percent gain over the prior 24 hours. The muted price response indicates investors view the designated activity as isolated rather than as evidence of systemic illicit use across the broader market.
The action reinforces existing compliance expectations for cryptocurrency exchanges and financial institutions to maintain anti-money laundering and know-your-customer protocols. Future Treasury designations could include additional crypto addresses or entities facilitating similar schemes. The maritime industry faces increased pressure to vet the legitimacy of transit fees and payment methods demanded by regional actors.
