US Treasury’s OFAC sanctions crypto exchange Garantex for second time

The Office of Foreign Assets Control said it was taking additional action against the crypto exchange after including it on its list of Specially Designated Nationals in 2022.

The US Treasury’s Office of Foreign Assets Control (OFAC) has redesignated cryptocurrency exchange Garantex Europe to its list of sanctioned entities.

In a Thursday notice, OFAC said it had redesignated Garantex as well as sanctioned its “successor,” Grinex, three Garantex executives and six Russia- and Kyrgyz Republic-based companies for allegedly facilitating illicit transactions. According to the government agency, the Garantex exchange processed more than $100 million tied to illicit activities since 2019.

“Digital assets play a crucial role in global innovation and economic development, and the United States will not tolerate abuse of this industry to support cybercrime and sanctions evasion,” said John Hurley, under secretary of the Treasury for terrorism and financial intelligence.

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