EddieJayonCrypto

 7 Mar 25

tl;dr

Tether froze $27 million on the Garantex exchange, leading to a temporary halt in operations. The exchange cited Tether's decision to freeze its funds and warned of potential precedent for all Russian USDT holdings. This follows mounting sanctions against Garantex over allegations of assisting Russi...

- Tether froze $27 million on the Garantex exchange, leading to a temporary halt in operations. The exchange cited Tether's decision to freeze its funds and warned of potential precedent for all Russian USDT holdings. This follows mounting sanctions against Garantex over allegations of assisting Russia in bypassing financial restrictions. Tether, the issuer of USDT, has not provided an official response for the freeze.

- Sanctioned crypto exchange Garantex has halted operations following Tether’s decision to freeze $27 million worth of USDT on the platform. In a March 6 announcement on Telegram, the exchange confirmed a temporary suspension of crypto trading and withdrawals, citing Tether’s decision to freeze its funds. Garantex warned that this action could set a precedent, putting all Russian USDT holdings at risk. The exchange vowed to challenge the decision, emphasizing that while it may be the first exchange affected, it likely will not be the last. Tether has yet to provide an official response or explanation for the freeze.

- This latest development follows mounting sanctions against Garantex over allegations that it helped Russia bypass Western financial restrictions. The US Treasury’s Office of Foreign Assets Control (OFAC) first sanctioned the exchange in April 2022 as part of efforts to combat illicit financial activities. More recently, the European Union also imposed sanctions on Garantex, citing its ties to Russian banks that were already under EU restrictions. Meanwhile, authorities in the US and UK are also investigating Garantex for allegedly facilitating over $20 billion in transactions aimed at evading sanctions.


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