
US Sanctions Iranian Firms Using Crypto for Strait of Hormuz 'Insurance'
The U.S. Treasury sanctioned two Iranian firms, Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, for requiring vessels to buy IRGC-approved 'insurance' to transit the Strait of Hormuz. HormuzSafe accepts Bitcoin and other digital assets to evade sanctions, despite prior skepticism from blockchain analysts about crypto's scale use for such tolls.



