Doesn't work for privacy coins like Monero. The US treasury tried to sanction a Monero address and ended up blacklisting a transaction hash instead.

https://www.treasury.gov/ofac/downloads/sdnlist.txt

> Digital Currency Address - XMR 5be5543ff73456ab9f2d207887e2af87322c651ea1a873c5b25b7ffae456c320;

Note the lack of the 0x prefix. Here's the transaction on the block explorer:

https://localmonero.co/blocks/search/5be5543ff73456ab9f2d207...