The U.S. Department of the Treasury sanctioned two Iranian firms for operating a Bitcoin-based maritime payment scheme in the Strait of Hormuz [1].
This action targets the use of cryptocurrency to bypass international financial monitors and fund paramilitary activities in one of the world's most critical oil transit chokepoints.
The Office of Foreign Assets Control (OFAC) announced the sanctions on July 29, 2026 [2]. The targeted entities are PGMIC and the HormuzSafe Marine Services Authority, also known as Hormuz Safe [1]. According to the Treasury, these firms operated a system that forced commercial vessels transiting the strait to purchase mandatory coverage or tolls using digital assets [1], [3].
OFAC said the scheme "accepts payment in Bitcoin and other digital assets" [1]. U.S. officials said the firms were extorting vessels to fund maritime activities backed by the Islamic Revolutionary Guard Corps (IRGC) [4], [5]. This financial structure allowed the entities to avoid traditional banking systems and evade existing U.S. sanctions policy [5].
In addition to the corporate sanctions, the U.S. government blocked eight shadow tankers associated with the network [2]. The Treasury Secretary said the United States will not tolerate illicit financial activity that supports Iran’s malign behavior [2].
The Strait of Hormuz serves as the narrow waterway linking the Persian Gulf to the Gulf of Oman [1], [3]. By requiring Bitcoin payments, the sanctioned firms created a digital toll gate that pressured international shipping companies to engage in unregulated crypto transactions to ensure safe passage [3], [5].
“The United States will not tolerate illicit financial activity that supports Iran’s malign behavior.”
This move signals a growing U.S. effort to close the 'crypto loophole' used by sanctioned states to fund paramilitary operations. By targeting the intersection of maritime logistics and digital currency, the Treasury is attempting to discourage global shipping companies from using Bitcoin as a means to appease regional actors in exchange for transit security.
