US sanctions Iranian shipping company, accusing it of accepting BTC to evade sanctions and raise funds for the Islamic Revolutionary Guard Corps
7x24h News
US sanctions Iranian shipping company, accusing it of accepting BTC to evade sanctions and raise funds for the Islamic Revolutionary Guard Corps
According to Cointelegraph, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced sanctions against two Iranian shipping companies—Persian Gulf Marine Insurance Company and HormuzSafe—alleging that both are core members of a shipping insurance network supported by Iran's Islamic Revolutionary Guard Corps (IRGC) which mandates commercial vessels transiting the Strait of Hormuz to purchase insurance approved by them. OFAC alleged that HormuzSafe accepted BTC and other crypto assets to evade Western sanctions and generate revenue on behalf of the IRGC. Earlier in May, the HormuzSafe website publicly offered "digital insurance" services payable via Bitcoin, and Iranian state media Fars News Agency reported that the platform's potential revenue exceeded $10 billion. The sanctions also involve 8 companies and 8 vessels associated with Iran's "shadow fleet."
Navigating Web3 tides with focused insightsTechFlow News, July 30, according to Cointelegraph, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced sanctions on two Iranian shipping companies—Persian Gulf Marine Insurance Company and Hormuz Safe Maritime Services Bureau (HormuzSafe)—alleging that both are core members of a shipping insurance network supported by the Islamic Revolutionary Guard Corps (IRGC), mandating commercial vessels passing through the Strait of Hormuz to purchase insurance approved by them.
OFAC alleged that HormuzSafe accepted BTC and other crypto assets to evade Western sanctions and generated revenue on behalf of the IRGC. Earlier in May, the HormuzSafe website publicly offered "digital insurance" services payable in Bitcoin, and Iranian state media Fars News Agency stated that the platform's potential revenue exceeded $10 billion. This sanction also involves 8 companies and 8 vessels related to Iran's "shadow fleet".
