BitMEX co-founder Arthur Hayes has cast doubt on claims that Iran is requiring Bitcoin payments from oil tankers passing through the Strait of Hormuz, a critical shipping route for global energy supplies. Hayes, known for his influential role in the cryptocurrency industry and his prior work establishing BitMEX as a leading derivatives exchange, has been vocal on X about the lack of tangible blockchain evidence supporting these reports.
Iran’s reported crypto tolls face skepticism
Recent reports suggested that Iranian authorities are instructing oil tankers to send shipping details via email, after which they are assessed a transit fee estimated at $1 per barrel of oil being transported. Payment options were said to include both cryptocurrency and Chinese yuan, with Bitcoin explicitly mentioned as an accepted form of settlement.
Under these terms, a fully loaded supertanker could be responsible for a fee amounting to millions of dollars, potentially paid in Bitcoin. The payment window described in the reports is extremely short—intended to reduce the traceability of transactions under Western sanctions.
The Islamic Revolutionary Guard Corps (IRGC), a powerful military branch with significant political and economic influence in Iran, reportedly enforces compliance, with the threat of denying passage to vessels failing to pay the tolls. However, crypto industry figures have challenged the credibility of these claims, noting that no Bitcoin transactions matching the description have been detected on-chain.
Arthur Hayes addressed the situation by publicly demanding verifiable blockchain transactions to support the narrative.
“I’ll believe Iran is charging a toll in $BTC when I see a transaction linked to a vessel’s toll payment. Otherwise, it’s just the IRGC trolling the fiat financial system,” Hayes remarked in his social media post.
Hayes’ comments echo concern within the crypto community that the reports may be exaggerated or part of geopolitical posturing rather than genuine evidence of nation-state Bitcoin use for international shipping payments. Other prominent social media accounts have also raised questions about the accuracy of the claims, pointing to rapidly shifting narratives regarding accepted payment methods.
Shipping stoppage and geopolitical uncertainty
Since the start of a reported two-week ceasefire between the United States and Iran, major shipping data providers indicate that almost no oil or gas tankers have transited the Strait of Hormuz. This waterway is usually a key chokepoint, with an average daily traffic exceeding one hundred vessels.
Information from data intelligence firms like Kpler supports the observation that hundreds of ships remain queued, and there has been a significant halt in the movement of energy cargo through this passage. Some earlier reports based on market and shipping data suggested that a small number of tankers made crypto or yuan payments for IRGC-escorted passage prior to the ceasefire, but no on-chain evidence has surfaced for substantial Bitcoin payments.
The emergence of unverified claims surrounding other digital assets, including the suggestion that even a Trump-linked stablecoin could be used for tolls, has added to the confusion in the sector about Iran’s real intentions with respect to crypto payments. EU officials have also issued statements expressing their position that freedom of navigation must be maintained without any form of payment or transit fee demanded from vessels.
Market reactions have been swift, with Bitcoin prices rising on initial reports of sovereign-level adoption. Despite the volatility, substantial skepticism persists in the absence of clear transaction records that could definitively link tanker payments to on-chain activity.
- Arthur Hayes questioned the validity of reports claiming Iran charges Bitcoin tolls from passing tankers.
- No on-chain transactions linking Bitcoin payments to vessels have been found since the alleged toll demands.
- Shipping traffic remains heavily restricted in the Strait of Hormuz as debate over crypto-based tolls continues.
