The US Department of the Treasury has sanctioned Iran's Hormuz Peace Shipping Network, involving their use of Bitcoin to bypass sanctions.

BlockBeats News, July 30th, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) sanctioned the Persian Gulf Maritime Insurance Company and the HormuzSafe Maritime Safety Management Organization. These two companies provided insurance policies approved by the Islamic Revolutionary Guard Corps for commercial vessels passing through the Strait of Hormuz and accepted payment in Bitcoin and other digital assets to evade sanctions.

OFAC also sanctioned eight vessels involved in transporting Iranian oil and petroleum products as part of the shadow fleet, along with their owning companies. Since the beginning of this year, OFAC has sanctioned over 100 vessels associated with the Iranian shadow fleet.

Source #U.S. Treasury Department #OFAC #Iran

Correction/Report

RelatedRecommended

Comprehensive interpretation: The impact of US Treasury's sanctions on Tornado Cash

Galaxy Digital releases analysis report on OFAC sanctions Tornado Cash

After Iran's Political Risk Rises, Cryptocurrency Sees Massive Outflow

The Iran Deal is not the final act, but a 60-day political respite

Nuclear, the Strait, Sanctions, and Israel, Left for Day 61

Stealthy Financial War? Iran Collects Strait Transit Fees in Stablecoin

This is the first time a sovereign nation has incorporated a stablecoin into its strategic payment infrastructure.

Accused of aiding North Korea's largest hackers, the founder of Tornado Cash has been sanctioned by the US Treasury Department.

The US Treasury Department, in conjunction with the Department of Justice, has filed a lawsuit to impose sanctions and hold accountable the founder of a mixing service for laundering money for North Korea.

On-Chain Activity