As crypto criminals continue finding new ways to launder money, the U.S. Treasury and State Department have slapped renewed sanctions on crypto exchange Garantex. They’ve also named its executives as wanted criminals. Tough luck for them.
The sanctions now extend to Garantex’s successor Grinex, three executives, and six affiliated companies operating in Russia and Kyrgyzstan.
These designations, executed under Executive Orders 14024 and 13694, block all U.S. property and prohibit transactions. The Treasury isn’t messing around.
Evidence links Garantex to over $100 million in illicit transactions since 2019.
The exchange allegedly enabled cybercriminals and ransomware groups like Conti, LockBit, and Ryuk to launder their dirty digital cash. Estonia already revoked their license for anti-money laundering violations. Shocker. Unlike the Lightning Network security, their system lacked proper cryptographic safeguards and multi-signature protections.
When authorities seized domains and froze assets in March 2025, Garantex simply rebranded as Grinex.
Classic criminal move. They transferred customer assets and restored service using the A7A5 ruble-backed stablecoin.
Adaptable bunch, aren’t they?
The Treasury claims these exchanges facilitated Russian efforts to dodge Western sanctions.
Digital assets were reportedly used to purchase sanctioned goods, including oil, from countries like China and India.
The A7A5 stablecoin processed up to $1 billion daily in cross-border transactions for sanctioned entities.
That’s a lot of digital rubles.
Law enforcement isn’t taking this lightly.
There’s now a $6 million reward for information on Garantex leaders, with $5 million specifically for Aleksandr Mira Serda.
One executive, Aleksej Besciokov, was already arrested in India after U.S. indictments were unsealed.
Serda, who holds both Russian and Ghanaian citizenship, remains at large.
U.S. officials view crypto-related crime as a direct national security threat.
These exchanges give bad actors illicit access to global markets while circumventing regulated systems like SWIFT.
For Treasury officials, it’s simple: these operations enable cybercrime, sanctions evasion, and terrorist financing.
OFAC has successfully confiscated $26 million in cryptocurrency assets from Garantex’s operations.
Game over.
