Garantex Europe OU, a crypto exchange based in Russia (originally registered in Estonia), has been sanctioned by the US Department of the Treasury.
The sanctions were applied due to claims that Garantex was aiding criminals and sanction evasion. The crypto exchange is said to have maintained accounts for hundreds of thousands of users, mainly for illicit activity.
Under Secretary of the Treasury for Terrorism and Financial Intelligence John K. Hurley said digital assets play an important role in innovation but the US will not tolerate this type of activity.
“Exploiting cryptocurrency exchanges to launder money and facilitate ransomware attacks not only threatens our national security, but also tarnishes the reputations of legitimate virtual asset service providers,” said Hurley. He added that the Treasury remains committed to upholding the integrity of the digital asset industry.
Treasury’s Office of Foreign Assets Control (OFAC) reported that Garantex has directly facilitated ransomware crooks and other cybercriminals by processing over $100 million in transactions linked to illicit activities since 2019.
OFAC added that it is designating Garantex’s successor, Grinex, and taking action against three executives of Garantex and six associated companies in Russia and the Kyrgyz Republic that have supported the nefarious activities.
OFAC previously designated Garantex on April 5, 2022, for operating or having operated in the financial services sector of the Russian Federation economy.
The action was in collaboration with the US Secret Service’s Cyber Investigative Section, and with assistance from the Federal Bureau of Investigation.
On March 6, 2025, the US Secret Service worked with German and Finnish law enforcement to take “disruptive measures” against Garantex’s computer infrastructure, including seizing its web domain and freezing over $26 million in cryptocurrency.
On March 7, 2025, the Department of Justice unsealed indictments against Garantex executives Aleksandr Mira Serda and Aleksej Besciokov.
Following the unsealing of the indictments, Aleksej Besciokov was arrested in India.
After these disruptive measures were taken, Garantex moved its customer base and funds to its successor exchange, Grinex, in an attempt to continue operating despite sanctions and law enforcement actions.
Additionally, the Department of State has announced two reward offers under the Transnational Organized Crime Rewards Program of up to $5 million for information leading to the arrest and/or conviction of Mira Serda and up to $1 million for other key leaders of Garantex.
