Treasury Sanctions Iranian Entities for Bitcoin Payments in Strait of Hormuz

US Treasury targets two Iranian firms and eight tankers for using Bitcoin to collect tolls, aiming to disrupt shadow fleet operations.

Woofun AI reports that the US Treasury’s OFAC sanctioned two Iranian companies on Wednesday for demanding payments in Bitcoin and other digital assets as 'insurance' for transit through the Strait of Hormuz. One entity, HormuzSafe Marine Services Authority, operates under Iran’s Ministry of Economy and utilizes cryptocurrency to bypass Western restrictions. The action also targeted eight crude oil tankers and their operators, adding to over a hundred shadow fleet vessels sanctioned since January. Treasury Secretary Scott Bessent stated that Washington will not permit Iran to hold global trade hostage amid an economic freefall.