The U.S. Treasury has imposed sanctions on two Iranian maritime companies for their involvement in an insurance network that is allegedly backed by the Islamic Revolutionary Guard Corps (IRGC). One of the firms is said to have accepted Bitcoin (BTC) and other digital currencies to evade Western restrictions.

On Wednesday, the Treasury's Office of Foreign Assets Control (OFAC) announced that Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority were essential players in what it termed an IRGC-supported insurance scheme. This network reportedly compelled commercial vessels to purchase its approved coverage before they could travel through the Strait of Hormuz. Both companies were designated due to their operations in Iran’s financial industry.

This enforcement action follows earlier indications that Iran was weighing a maritime insurance platform based on Bitcoin. U.S. authorities now contend that the network generated funds for the IRGC. The Treasury also sanctioned eight additional companies associated with Iran's shadow fleet and identified eight vessels as blocked property.

OFAC specified that HormuzSafe accepted BTC and other cryptocurrencies as part of its strategy to dodge sanctions. The agency alleged that the platform not only produced revenue for the IRGC but also assisted Iran in asserting tighter control over shipping in the strait.

"The United States will not allow Iran to hold global commerce hostage," stated Treasury Secretary Scott Bessent, who accused the regime of leveraging international shipping to provide financial support to the IRGC.

Evidence of the operation had previously surfaced on May 18, when screenshots of the HormuzSafe website were shared online. The images advertised "digital insurance" for sea cargo, with policies that could be paid for in Bitcoin. At that point, the website was inaccessible upon checking, and reports suggested that Iran was still exploring the insurance-based model.

Iran's state-affiliated Fars News Agency reported that the proposed platform had the capability to issue marine insurance policies and certificates of financial responsibility, with a potential to generate revenue exceeding $10 billion.

The strategic gravity of the waterway is significant, as the Strait of Hormuz facilitates the passage of about one-fifth of the entire global oil trade. Therefore, any move to monetize or regulate traffic through this channel has profound implications for international energy markets.

Earlier analysis from the Bitcoin Policy Institute indicated that Iran had been accepting oil toll payments in Chinese yuan, Tether (USDT), and Bitcoin. However, the analysis also noted that there was no on-chain evidence to confirm that any Bitcoin transactions had been completed.

For sanctioned parties, Bitcoin can be an appealing tool because it lacks a centralized issuer that can immobilize funds. This contrasts with centralized stablecoins, whose issuers can block specific addresses. Demonstrating this capability, U.S. authorities in April froze $344 million in USDT stablecoin that was linked to Iran.