Blockchain analytics firm Chainalysis warned on April 10, 2026, that shipping companies making cryptocurrency payments to Iran for passage through the Strait of Hormuz could face serious sanctions violations, adding new urgency to compliance risks in the maritime sector.
The warning came after an April 8 Financial Times report quoted Iran’s oil exporters’ union spokesperson saying tankers would be told to pay the toll in digital currencies, specifically referencing bitcoin. Chainalysis said the reported toll starts at around $1 per barrel.
Key Takeaways
- Chainalysis says crypto payments to Iran for Hormuz passage carry significant sanctions violation risk because the IRGC is sanctioned by multiple jurisdictions.
- IRGC-associated addresses received over $3 billion in 2025, representing roughly 50% of Iran’s crypto ecosystem in Q4 2025.
- The U.S. Treasury has already tied over $100 million in cryptocurrency to Iranian oil-sale finance networks in a September 2025 enforcement action.
Kaitlin Martin, a senior analyst at Chainalysis, told Cointelegraph that making such payments “could carry significant sanctions violation risk, as the Iranian Revolutionary Guard Corps is sanctioned by multiple jurisdictions.”
Why Shipping Firms Face Elevated Sanctions Exposure
The risk is not theoretical. On September 16, 2025, the U.S. Treasury announced sanctions against two Iranian nationals who coordinated the purchase of over $100 million worth of cryptocurrency to finance Iranian oil sales. That case demonstrated Treasury’s willingness to trace and penalize crypto-denominated transactions tied to Iran’s energy sector.
Chainalysis data underscores the scale of the problem. The firm said the IRGC’s on-chain activity represented approximately 50% of Iran’s total crypto ecosystem in Q4 2025, and that funds received by IRGC-associated addresses exceeded $3 billion that year. For shipping firms, this means any crypto payment routed to an Iranian counterparty carries a high probability of reaching sanctioned entities.
The compliance landscape has tightened further since regulators began signaling broader oversight of crypto markets. Firms accustomed to traditional banking channels may underestimate how quickly sanctions enforcement has adapted to blockchain-based payment rails.
A February 4, 2025 White House National Security Presidential Memorandum, known as NSPM-2, ordered the Treasury Department to implement a maximum-pressure sanctions campaign against Iran and specifically instructed the agency to issue updated guidance to shipping, insurance, and port operators. Treasury reinforced that posture with enforcement actions in July and September 2025.
The legal exposure turns on the counterparty and the transaction’s purpose, not the payment method. Using bitcoin or stablecoins instead of dollars does not shield a shipper from liability. Firms that process payments without adequate screening of Iranian or IRGC-linked counterparties face the same penalties as those using traditional banking channels.
No official confirmation exists that Iran has already collected a crypto-denominated toll from mainstream shipping firms, according to unconfirmed reports. The current reporting centers on the proposal and the sanctions risk if such payments are made.
What This Means for Crypto and Maritime Compliance Teams
For finance, legal, and compliance stakeholders in the maritime industry, the Chainalysis warning signals that Iran-linked crypto payments should be treated as a high-risk area requiring enhanced due diligence. Shipping companies would typically need a specific license or approval from the U.S. Treasury Department before making any such payment.
Transaction screening tools must now account for cryptocurrency flows, not just traditional wire transfers. As bitcoin’s role in global financial infrastructure grows, compliance teams that lack blockchain monitoring capabilities face a widening blind spot.
The situation also raises questions for the broader crypto industry, where sanctions compliance has become a defining regulatory challenge. Most competitor coverage has focused on the bitcoin-toll novelty, but the deeper story is the convergence of NSPM-2’s explicit shipping-sector language with Treasury’s demonstrated ability to trace and penalize crypto transactions tied to Iranian oil sales.
Bitcoin traded at $73,079 at press time, with the Fear and Greed Index at 16, reflecting extreme fear across crypto markets as geopolitical risks weigh on sentiment.
Maritime operators, charterers, and their banking partners should review their sanctions compliance frameworks now, before any toll mechanism becomes operational. The Chainalysis warning makes clear that crypto does not offer a compliance workaround; it offers a new vector for enforcement.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
