US Treasury warns paying Iran's Hormuz fees with crypto violates sanctions

The U.S. Treasury's Office of Foreign Assets Control (OFAC) has issued a warning regarding Iran's demands for passage fees from ships transiting the Strait of Hormuz. The advisory states that while Iran may demand these fees be paid in digital assets, doing so would violate U.S. sanctions. It also noted that U.S. persons are prohibited from transacting with Iranian digital asset exchanges, which are considered sanctioned Iranian financial institutions. Non-U.S. persons who use Iranian crypto exchanges could be deemed to be supporting Iran's financial sector, potentially subjecting them to secondary sanctions that would block their access to the U.S. financial system.