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BTC The U.S. Treasury Department announced on July 29 that its Office of Foreign Assets Control (OFAC) has imposed sanctions on two Iranian companies, the Persian Gulf Marine Insurance Company and the Hormuz Security Maritime Services Administration. These companies are a key link in the Islamic Revolutionary Guard Corps (IRGC)'s bitcoin-centered "extortion" plan, which forces commercial ships to pay "insurance premiums" to pass through the Strait of Hormuz.
Iran reportedly established a digital insurance company called Hormuz Security in May. The Ministry of Finance said the company was developed by Iran's Ministry of Economy and accepted Bitcoin payments to circumvent Western sanctions.
The Treasury Department said the action was based on Executive Order 13902, which targeted Iran's oil and petrochemical industries and advanced President Trump's National Security Presidential Memorandum 2 (NSPM-2), designed to maximize economic pressure on Iran.
Treasury Secretary Scott Bessent said: "The United States will not allow Iran to hijack global trade or use international shipping to fund terrorism, aggression and suppression by the Islamic Revolutionary Guard Corps."
The United States has specifically targeted Iran's cryptocurrency infrastructure in an attempt to curb the Asian country's control of the Strait of Hormuz.
On July 14, OFAC sanctioned multiple cryptocurrency wallets related to the Central Bank of Iran and froze digital assets worth more than $130 million.
According to reports, Besent boasted in a conversation that the United States had seized approximately US$500 million in Iranian crypto assets.
