The US Treasury has slapped sanctions on two Iranian maritime companies believed to be central to a Bitcoin-backed insurance plan securing the Strait of Hormuz. The Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority are accused of supporting the Islamic Revolutionary Guard Corps and its funding tactics.
This Bitcoin insurance scheme offered shipowners a way to pay for safe passage through the strategic waterway using cryptocurrencies, potentially pulling in more than $10 billion annually for Iran. The revenue would help Tehran keep a foothold over the Strait, even if the ongoing war, which reignited after a failed peace attempt in July 2026, continues. Treasury Secretary Scott Bessent cited Iran's collapsing economy and triple-digit inflation as driving forces behind this desperate cash grab.
The US has also flagged Babak Morteza Zanjani, a notorious regime financier, who used Binance to move roughly $850 million despite repeated warnings on his account. More sanctions hit shadow tanker fleets transporting millions of barrels of oil to Iran, further tightening the financial noose. All of this unfolds against a backdrop of volatile conflict in the region, with ceasefires failing and military strikes resuming shortly after a brief attempt to reopen the Strait peacefully.
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