Garantex, Crypto Exchange, Sanctions Again by US Treasury

The US Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on cryptocurrency exchange Garantex Europe for alleged facilitation of illicit transactions. This follows a 2022 initial sanction for similar violations. The updated designation adds Grinex, Garantex’s successor, and several executives to the list of sanctioned entities. OFAC claims that the exchange processed over $100 million linked to illicit activities since 2019. Officials emphasize that they won’t tolerate abuses within the cryptocurrency industry that threaten national security through cybercrime and sanctions evasion.