US and UK regulators are now pursuing Russian-based cryptocurrency exchange Garantex Exhange. Authorities allege the exchange laundered up to $20 billion to evade Russian sanctions. This development points to a different front in the West’s economic war with Russia over the invasion of Ukraine.
USA and UK Russia After the originating cryptocurrency exchange!
US and British authorities say Garantex transferred up to $20 billion in cryptocurrencies. Thus, they claim, he helped Russia violate its sanctions. It was noteworthy that the authorities had information about some crypto transactions at Garantex. The $20 billion transaction is one of the biggest violations of Western sanctions against Russia.
cryptokoin.comAs you follow from , when Russia started to invade Ukraine, the US and European governments took some sanctions decisions against Russia. Russia has also developed different methods to overcome these sanctions. These include performing transactions through cryptocurrencies. Garantex is also on the list of sanctioned organizations related to Russia. So he got caught violating federal sanctions. The US and UK are now investigating the illegal transactions.
Tether (USDT) detail in the investigation!
According to some people with knowledge of the matter, Garantex used Tether (USDT) for transactions worth over $20 billion. Tether is the largest stablecoin in the market pegged to the US dollar. The accusation against Garantex is that it facilitates financial crimes and illegal transactions in Russia.
Meanwhile, it should be reminded that Tether Holdings, the company behind the USDT stablecoin, has frozen all assets of entities with addresses on the US Treasury Department’s Office of Foreign Assets Control (OFAC) sanctions list. Tether officials made the following statement regarding this development:
With Tether, every action can be online, every transaction can be monitored, every asset can be seized and every criminal can be caught. We are working with law enforcement to do exactly that.
The USA and the West want to bring Russia to its knees economically
The US has recently flagged many Russian companies using cryptocurrencies to evade sanctions. However, the new investigation into Garantex shows that the US and UK are struggling to cut off the flow of funds to Russia. Because, although they have been trying to prevent these transactions for more than a year, they have not been successful. Moreover, so far there is no evidence that these measures are effective on Russia.
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