According to the U.S. Office of Foreign Assets Control (OFAC), on May 1, the agency warned that paying Iran’s demanded Hormuz Strait tolls in cryptocurrency could constitute a sanctions violation. OFAC stated that U.S. persons and entities engaging in financial transactions or payment guarantees to the Iranian regime risk secondary sanctions. The agency clarified that transactions with the Iranian government are prohibited, and paying any monetary or non-monetary consideration for passage through the Strait is not permitted.
OFAC also noted that cryptocurrency exchanges linked to Iran may be considered Iranian financial institutions. Participation in such exchanges or related transactions could result in secondary sanctions, including restricted access to the U.S. financial system.
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