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

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.