U.S. authorities have significantly intensified efforts to disrupt illicit financial flows within the digital asset ecosystem, launching a comprehensive campaign against Garantex, a Russian-based cryptocurrency exchange. This action underscores a growing global focus on curtailing the use of virtual assets for nefarious activities, with Garantex accused of facilitating billions of dollars in transactions linked to cybercrime, including ransomware operations, hacking networks, and alleged terrorist financing.
- U.S. authorities have launched a comprehensive campaign against Garantex, a Russian-based cryptocurrency exchange.
- Garantex is accused of facilitating billions in transactions linked to cybercrime, including ransomware, hacking networks, and alleged terrorist financing.
- The U.S. Treasury has expanded sanctions, targeting Grinex (a suspected successor), three executives, and six associated companies.
- Between 2019 and 2025, Garantex allegedly processed over $96 billion in cryptocurrency, with a significant portion tied to illegal activities.
- The State Department offers rewards of up to $5 million for information on key Garantex figures.
U.S. Intensifies Campaign Against Illicit Digital Asset Activities
Expanded Sanctions and Targeted Entities
The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has not only reaffirmed existing sanctions on Garantex but has also broadened their scope. The expanded sanctions now target Grinex, a platform suspected of operating as a successor to Garantex. This action further includes the blacklisting of three executives and six associated companies across Russia and Kyrgyzstan, effectively severing their connections to the U.S. financial system and international markets reliant on U.S. dollar transactions.
Investigators contend that between April 2019 and March 2025, Garantex processed over $96 billion in cryptocurrency, with a substantial portion allegedly tied to illegal activities. This substantial volume of transactions highlights the challenge regulators face in tracking and preventing the misuse of digital currencies for financial crimes on a global scale.
Informant Reward Program Initiated
In parallel with the sanctions, the U.S. Department of State has initiated a reward program to incentivize the provision of critical information. A reward of up to $5 million is offered for intelligence leading to the apprehension of Russian national Alexander Mira Serda, identified as a senior figure within Garantex. An additional $1 million is available for information concerning other key members. Potential informants are encouraged to utilize the secure communication channels provided by the U.S. Secret Service.
Strategic Response to Digital Financial Crime
This coordinated U.S. response reflects a strategic pivot towards aggressively targeting cryptocurrency platforms deemed instrumental in enabling global cybercrime and money laundering. It signals a continued commitment by the U.S. government to leverage its regulatory and enforcement powers to enhance financial security in the evolving digital asset landscape.
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