Shipping firms using cryptocurrency to pay potential Iranian transit fees face significant sanctions risks, according to a senior intelligence analyst. The warning follows reports Iran may seek crypto tolls for waterways like the Strait of Hormuz, a plan U.S. President Donald Trump said he would not accept. Iran has expanded its use of digital assets like stablecoins for trade, but analysts note blockchain’s transparency makes transactions easier to trace than traditional sanctions evasion methods.
Shipping firms that turn to cryptocurrency for potential transit fees to Iran could face significant sanctions exposure. Kaitlin Martin, a senior intelligence analyst, stated any payments to the Iranian regime could be interpreted as “material support.”
“Doing so could carry significant sanctions violation risk, as the Iranian Revolutionary Guard Corps is sanctioned by multiple jurisdictions and Iran is subject to comprehensive sanctions by the United States,” she said. The warning comes amid unconfirmed reports Iran may seek to collect these fees in digital currency.
U.S. President Donald Trump has said he would not accept any attempt by Tehran to impose tolls on shipping through the vital waterway. Tehran has already expanded its use of digital assets, particularly stablecoins, to facilitate trade in oil, weapons and commodities based on publicly available data.
However, cryptocurrency is not a foolproof workaround for sanctions. Martin noted that while it enables cross-border transfers, blockchain transactions are inherently transparent and leave a permanent record.
“In many ways, cryptocurrency is actually easier to trace than traditional methods of sanctions evasion,” she said, pointing to investigators’ ability to follow funds to cash-out points. Other sanctioned states like Russia have explored similar approaches, using digital tokens for cross-border trade.
Separately, Iran’s Bitcoin mining power has dropped significantly, losing around 7 exahashes per second recently. Despite this regional disruption, the global Bitcoin network hashrate remains stable near 1,000 EH/s.
