U.S. Treasury sanctions two firms tied to Iranian maritime insurance, posing an obstacle to Bitcoin payments

OFAC has added two Iran-linked insurers to its sanctions list.

The Treasury said insurance sold for ships transiting the Strait of Hormuz helped fund the IRGC's revenue network.

It also said Bitcoin and other digital asset payments were used to evade sanctions.

Sanctions on vessels transporting Iranian crude oil and petrochemicals were tightened as well.