The US Treasury slapped sanctions on HormuzSafe, an Iranian maritime firm accused of accepting Bitcoin and other cryptocurrencies to dodge international restrictions. According to officials, the company channeled digital assets to support Iran’s Islamic Revolutionary Guard Corps, skirt financial controls, and generate illicit revenue.
This move marks a significant crackdown on how sanctioned entities exploit emerging technologies to evade oversight. HormuzSafe reportedly processed cryptocurrency transactions as a means to bypass traditional banking networks that are carefully monitored by regulators. The use of Bitcoin adds a layer of opacity, complicating enforcement efforts and highlighting the growing role of crypto in geopolitical conflicts.
