Garantex Stopped Operations Due to Sanctions and Restrictions on USDT
Date: 2025-03-07 Author: Gabriel Deangelo Categories: BUSINESS
Exchange representatives said that the company's actions were aimed against the Russian crypto market and warned of possible restrictions for other platforms.
"We are temporarily suspending all operations, including the withdrawal of cryptocurrencies, while our team is working to resolve the current situation. We continue to fight and do not intend to give up! Please note that USDT funds in Russian wallets are currently under threat," Garantex said.
The exchange was sanctioned back in 2022, when the US Treasury Department and OFAC accused it of participating in money laundering schemes. According to US authorities, suspicious transactions worth over $100 million related to illegal entities, including the Conti hacker group and the Hydra darknet marketplace, were carried out through Garantex.
In February 2025, the European Union increased pressure on the platform by including it in a new sanctions package. As part of the 16th round of restrictions, a ban was imposed on any form of cooperation and investment activity related to Garantex.
