The OFAC has re-listed the cryptocurrency exchange Garantex Europe on its sanctions entity list.
On Thursday, the OFAC announced that it has re-designated Garantex as a sanctioned entity and imposed sanctions on its associated entity Grinex, three Garantex executives, and six companies located in Russia and Kyrgyzstan, due to their alleged involvement in facilitating illegal transactions. According to the agency's data, Garantex has processed over $100 million in suspected illegal activity since 2019.
“Digital assets play a critical role in global innovation and economic development, and the United States will not tolerate the abuse of this industry to support cybercrime and evade sanctions,” said John Hurley, the Deputy Secretary of the Treasury for Terrorism and Financial Intelligence.
“Using cryptocurrency exchanges to launder money and assist ransomware attacks not only threatens our national security but also undermines the reputation of legitimate virtual asset service providers.”
The OFAC initially sanctioned Garantex in 2022, stating that the exchange “blatantly disregarded” anti-money laundering and counter-terrorism financing requirements. The OFAC noted that Garantex executives established Grinex in an attempt to circumvent the related measures against Garantex. These measures included the seizure of $26 million in cryptocurrency, the shutdown of its website, and the prosecution of two executives.
The sanctions cover several wallet addresses for Bitcoin (BTC), Ethereum (ETH), and TRON (TRX).
In March, the U.S. Department of Justice announced an indictment against Garantex executives Aleksandr Mira Serda and Aleksej Besciokov, with Aleksej Besciokov being arrested while on vacation in India. He is charged with conspiracy to launder money, conspiracy to violate U.S. sanctions regulations, and conspiracy to operate an unlicensed money service business.
On August 6, a federal district court in the Eastern District of Virginia ordered a “corrected” arrest warrant for Mira Serda. As of the time of publication, he remains at large. U.S. authorities are offering a reward of up to $6 million for information leading to his or any other Garantex executives' whereabouts.
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