US sanctions firms behind Iran’s Strait of Hormuz BTC insurance scheme
The US Treasury’s Office of Foreign Assets Control (OFAC)has sanctioned two Iranian maritime firms in an effort to stop Iran from monetizing the Strait of Hormuz with its BTC insurance scheme.
OFAC claims the Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority are “integral” to the Islamic Revolutionary Guard Corps (IRGC) and its “extortion scheme.”
The scheme, called “Hormuz Safe,” has been in the works for some months now. Shipowners could pay for Iran’s insurance with BTC and other cryptocurrencies and guarantee safe passage through the strait.
It would reportedly generate over $10 billion of revenue for the country and help it maintain control over the stretch of water once the war is concluded.
Read more: Crypto scams are now a threat in the Strait of Hormuz, report
In a statement, Treasury Secretary Scott Bessent said, “With its economy in freefall and inflation in the triple digits, the regime is desperate for cash.”
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