The U.S. Treasury has sanctioned BitBank, a cryptocurrency exchange allegedly used by Iran’s Economy Ministry to operate HormuzSafe, a Bitcoin-based toll and insurance system for vessels transiting the Strait of Hormuz. The Office of Foreign Assets Control (OFAC) stated the arrangement violates transit rights under the Law of the Sea, resulting in frozen U.S. assets and secondary sanctions that threaten foreign firms processing BitBank transactions with loss of dollar access. Notably, OFAC did not publish any Bitcoin or Tron wallet addresses in this designation, diverging from recent crypto enforcement actions that included specific blockchain identifiers for compliance screening. Secondary sanctions attached to the listing extend exposure to international exchanges and banks, which risk being cut off from the U.S. financial system for facilitating BitBank flows regardless of direct American involvement.