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Iran will require ships passing through the Strait of Hormuz to pay the cryptocurrency equivalent of $1 per barrel of oil on board during the two-week ceasefire with the U.S, a key figure told the Financial Times.
Hamid Hosseini, a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, which works with Iran’s government, digital crypto about the requirement on Wednesday.
He said that it will cost $1 per barrel of oil and that ships need to email Iranian authorities about what they are carrying.
“Once the email arrives and Iran completes its assessment, vessels are given a few seconds to pay in bitcoin, ensuring they can’t be traced or confiscated due to sanctions,” Hosseini told the newspaper.
He added that the measures are being put in place to make sure weapons are not carried through the strait.
Everything can pass through, but the procedure will take time for each vessel, and Iran is not in a rush,” he said.
The Strait of Hormuz is a key oil shipping lane off Iran’s coast. Since the start of the war, it has effectively been closed. This has sent oil prices surging — since previously, about a fifth of the world’s oil was flowing through the strait — and sent the global economy into a tailspin.
An extra dollar per barrel is a relatively small fraction of a barrel of oil’s price.
President Trump on Tuesday evening announced that he would suspend attacks on Iran. Oil prices have fallen in the wake of that announcement.
A senior Iranian official told Reuters that Iran could open the strait in a way that is “limited, under ‌Iran’s ⁠control,” on Thursday or Friday before a meeting with U.S. officials.
The Wall Street Journal reported, meanwhile, that Iran was telling mediators that it would both charge tolls and limit the number of ships passing through the strait to about 12 per day.
Trump on Wednesday said he is considering the formation of a “joint venture” with Iran to set up tolls in the Strait of Hormuz.
“We’re thinking of doing it as a joint venture,” the president told ABC News’s Jonathan Karl. “It’s a way of securing it — also securing it from lots of other people. It’s a beautiful thing.”
During the conflict, Iran was allowing a few, limited ships to pass through the strait under a “tollbooth” system. The number of ships previously passing through the strait was not considered significant enough to defray supply and price concerns caused by its effective closure.
Earlier in the week, as Trump upped his threats on Iran, he also suggested the U.S. could set up its own tolling system for ships that pass through. 
#IranClosesHormuzAgain #CZLiveAMA
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Binance founder Changpeng Zhao has released his autobiography, Freedom of Money, which he describes as a first-person account of his life, the founding of Binance, the company’s rise, and the legal fallout that followed. The official release says the book covers his early life, Binance’s launch in 2017, the exchange’s rapid growth, industry crises, and his time in prison.
That is what makes this book significant.
Crypto has produced plenty of market commentary, interviews, and documentaries, but very few firsthand accounts from a founder who sat at the center of a company as influential — and controversial — as Binance. What started as a startup in 2017 became one of the most powerful platforms in digital assets, and the memoir arrives after years in which Binance was shaped not just by growth, but by intense regulatory scrutiny and a historic settlement with U.S. authorities. CZ previously served a four-month prison sentence after pleading guilty to failing to maintain an anti-money-laundering program, a case that became one of the defining legal moments in crypto’s relationship with regulators.
That gives Freedom of Money a weight most founder memoirs do not have.
This is not simply the story of building a successful company. It is also the story of what happens when a business grows faster than the rules around it — and when a founder becomes the face of both innovation and accountability at the same time. Bloomberg’s coverage of the memoir notes that the book discusses prison time and earlier relationships across the regulatory landscape, showing that CZ is not presenting the Binance story as a clean victory lap.
There is also a broader reason the release matters now.
Crypto is no longer in the phase where exchange growth alone defines the industry. The market has matured into something more political, more regulated, and more institutional. In that environment, a memoir like this becomes more than personal branding. It becomes part of the historical record of how one of crypto’s largest empires was built, challenged, and reshaped. The official release says the book is “part memoir and part manifesto,” which suggests CZ wants it read not only as recollection, but as a statement about money, freedom, and the future of financial systems.
The biggest takeaway is simple:
Freedom of Money is likely to be read as one of the most important insider accounts crypto has produced so far.
Not because it ends the debate around Binance or CZ, but because it brings the debate closer to the source. For supporters, critics, and anyone trying to understand how crypto reached this stage, that alone makes the book worth paying attention to.

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