Treasury Sanctions Cryptocurrency Exchange and Network Enabling Sanctions Evasion and Cyber Criminals

WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is re-designating the cryptocurrency exchange Garantex Europe OU (Garantex), which has directly facilitated notorious ransomware actors and other cybercriminals by processing over $100 million in transactions linked to illicit activities since 2019. OFAC is also 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 exchange’s involvement in malicious cyber activities. “Digital assets play a crucial role in global innovation and economic development, and the United States will not tolerate abuse of this industry to support cybercrime and sanctions evasion. 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 Under Secretary of the Treasury for Terrorism and Financial Intelligence John K.