US imposes sanctions on crypto exchange Garantex, offers reward for its executives
Illustrative photo: Cryptocurrency exchange garantex and its executives sanctioned by US (Getty Images)
The United States imposed sanctions on the Russian cryptocurrency exchange Garantex and placed its executives on a wanted list, according to the US Treasury website.
The US State Department and the Department of the Treasury imposed the restrictions on August 14. In a joint statement, the agencies said that Garantex is allegedly used by cybercriminals for money laundering.
Sanctions also apply to Garantex’s successor company, Grinex, three Garantex executives, and six affiliated companies in Russia and Kyrgyzstan. They are accused of "supporting the exchange’s involvement in malicious cyber activities."
The US government has offered a $6 million reward for information leading to the arrest of the sanctioned individuals. Five million dollars of that amount is offered for a man named Oleksandr Mira Serda, who holds citizenship of both Russia and Ghana and is registered in Saint Petersburg.
Sanctions against Russian crypto exchanges
The US sanctioned Garantex in 2022, and more recently, the European Union did as well. The platform suspended operations in July after the cryptocurrency Tether blocked its digital wallets.
According to Reuters, Russia uses cryptocurrencies to circumvent Western sanctions and to purchase oil from China and India.
In late June, Poland extradited to the US the former head of the Russian crypto exchange Wex, Dmytro Vasyliyev. He was detained in 2024 and charged with fraud and money laundering.
In addition, the US Department of Justice suspects the crypto exchange Binance of involvement in helping Russians evade US sanctions.
