The U.S. Treasury’s Office of Foreign Assets Control (OFAC) sanctioned two Iranian companies accused of operating a mandatory Bitcoin-based insurance scheme for vessels transiting the Strait of Hormuz, through Hormuz Safe, developed by Iran’s Ministry of Economy. This strategic strait, through which a fifth of the world’s oil passes, has become a focal point of tensions between the United States, Israel and Iran since February’s strikes. Iran’s economy, hit by triple-digit inflation, is using digital assets to bypass international sanctions, according to the U.S. Treasury. Washington has also frozen cryptocurrency linked to the Iranian regime, mostly in the form of Tether stablecoin.
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