US Treasury Sanctions Iran-Linked Crypto Insurance Platform Tied to IRGC

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The US Treasury Department has sanctioned Hormuz Safe, a maritime insurance platform allegedly linked to Iran's Islamic Revolutionary Guard Corps (IRGC). The platform is accused of operating as a sanctions evasion scheme for ships navigating the Strait of Hormuz. Hormuz Safe reportedly accepted Bitcoin and other cryptocurrencies as payment, enabling it to sidestep traditional financial oversight. The sanctions reflect growing US concern over the use of digital assets to circumvent restrictions targeting Iranian-backed entities.

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