The US Treasury’s OFAC has redesignated cryptocurrency exchange Garantex Europe and its “successor,” Grinex, along with three executives and six companies for allegedly facilitating illicit transactions. Garantex processed over $100 million tied to illicit activities since 2019. OFAC sanctioned Garantex in 2022 for disregarding AML and CFT requirements.
Garantex founder Aleksandr Mira Serda and executive Aleksej Besciokov face indictments for money laundering, violating US sanctions, and operating an unlicensed money services business. Besciokov was arrested in India while on holiday. A corrected warrant was issued for Mira Serda’s arrest, who remains at large, with a $6 million reward offered for information.
US authorities are targeting cryptocurrency exchanges and individuals involved in illicit activities to prevent money laundering and sanctions evasion. Exploiting crypto exchanges for ransomware attacks threatens national security and legitimate virtual asset service providers’ reputations. OFAC’s sanctions on Garantex aim to deter such activities and hold accountable those involved in illegal transactions.
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