Tether has frozen $27 million worth of USDT
$1.00
linked to the Russian crypto exchange Garantex, which is under international sanctions.
As a result, Garantex has halted all services, including withdrawals, and placed its website under maintenance.
In a Telegram message shared on March 6, Garantex claimed that Tether had “entered the war against the Russian crypto market” by blocking its wallets, holding over 2.5 billion rubles (about $27 million).
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The exchange also warned users that USDT in Russian wallets could face further restrictions. Despite the setback, it stated, “We will fight, and we will not give up”.
The European Union (EU) recently added Garantex to its sanctions list on February 26 as part of ongoing measures against Russia. Before the EU’s action, the United States had already blacklisted Garantex.
The US Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the platform in April 2022. According to OFAC, while Garantex was founded in 2019 and initially registered in Estonia, most of its operations take place in Russia.
Russian lawmaker Anton Gorelkin, a deputy head of the country’s information policy committee, posted on Telegram, suggesting Western countries would continue applying pressure on the crypto industry. However, he added:
It should be recognized that it is impossible to completely block this market for Russia.
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Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
