U.S. Sanctions Iranian Firms Over Bitcoin-Paid Hormuz Insurance
- Treasury sanctioned two Iranian firms brokering Bitcoin paid Hormuz insurance.
- Markets assign a 12.5% chance of Strait of Hormuz traffic normalizing by Aug. 31.
- Bitcoin could face liquidity pressure if Iran expands Bitcoin-based maritime payments.
The US Treasury sanctioned two Iranian entities this week, the Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority. Both broker IRGC-approved insurance that forces commercial vessels to buy coverage before transiting the Strait of Hormuz.
Treasury said the policies claim to protect ships from risks that Iran itself creates, and the coverage also accepts digital asset payments designed to dodge sanctions.
Bitcoin Enters A Sanctions Fight
HormuzSafe, built by Iran’s Ministry of Economy, offers insurance, traffic control and security services to vessels crossing the strait, and takes paym…
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