Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
BTC Iran collects Bitcoin tolls through the Strait of Hormuz
The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) sanctioned two companies on Wednesday linked to the program. According to the U.S. Treasury Department, Iran is accepting commercial shipping companies to use Bitcoin to pay tolls through the Strait of Hormuz. The critical waterway, which carries one-fifth of the world's oil shipments, requires passing ships to purchase "maritime insurance" approved by the Islamic Revolutionary Guard Corps.
The U.S. Treasury Department stated that this insurance covers risks created by Iran itself, mainly the risk of ships being seized. The Persian Gulf Maritime Insurance Company, established by Iran's insurance regulator, underwrites the policies, which require approval by the Islamic Revolutionary Guards-backed Persian Gulf Strait Authority, which was placed on the U.S. Treasury Department's sanctions list in May this year.
The second company is called Hormuz Security Maritime Services Bureau, which was established under the leadership of the Iranian Ministry of Economy and claims to provide traffic control, security, Incident Response Service and insurance services. The company accepts payments in Bitcoin and other digital assets, which OFAC points to as one of its ways to circumvent Western sanctions. Iranian financier Babak Mortaza Zanjani, who was sanctioned earlier this year, promoted the company to fans on social media.
In April this year, the Financial Times reported that Iran would require shipping companies to pay tolls in cryptocurrency, starting at US$1 per barrel, but blockchain analysts were not convinced at the time. At that time, TRM Labs policy director Ali Redbold expressed doubts to a media outlet, saying that there was no data showing that cryptocurrencies were being used on a large scale for passage through the Strait of Hormuz. Others pointed out that the industry union spokesperson quoted in the report did not represent Iranian officials.
The U.S. Treasury Department's sanctions partially confirm this-clearly identifying a company established by a government department that accepts Bitcoin payments. Treasury Secretary Scott Bessent said the Iranian regime was "in urgent need of cash", its economy was "collapsing", inflation was in the triple digits, and the United States would not allow Iran to "kidnap global business."
On the same day, the United States also sanctioned eight oil tankers and their operators involved in transporting Iranian crude oil and petroleum products, most of which are registered in Hong Kong. Since January this year, more than 100 ships associated with Iran's shadow flotilla have been sanctioned. The U.S. Treasury Department said the insurance plans were to cover lost revenue caused by Operation Epic Wrath.
On the Myriad forecast market (owned by a company), users have a 38% probability that the Iranian blockade will end before August 31.
