Source: The Maritim Executive
“The U.S. Treasury’s Office of Foreign Asset Control has identified and sanctioned an Iranian bitcoin exchange linked to the ‘Hormuz Safe Marine Services Authority,’ a front company that enables the Islamic Revolutionary Guard Corps’ fee-for-transit scheme for the Strait of Hormuz. In March, just weeks after the U.S.-Israeli strikes began, Iranian forces began an informal practice of charging safe-passage fees for the Strait of Hormuz at a rumored rate of up to $2 million per transit. This was later formalized as an ‘insurance’ fee payment, handled by ‘Hormuz Safe’ and the similar ‘Persian Gulf Marine Insurance Company.’ … In a follow-up action announced Thursday, the Treasury said that it was also sanctioning BitBank, a cryptocurrency handling service used by HormuzSafe to process payments.” (09/17/26)