EU slaps sanctions on Russian cryptocurrency exchange Garantex, a key player in Moscow's crypto market.

In a historic first, the European Union has slapped sanctions on Russian cryptocurrency exchange Garantex, a key player in Moscow's crypto market.

In a historic first, the European Union has imposed sanctions on Russian cryptocurrency exchange Garantex, a key player in Moscow's crypto market, for its close ties to sanctioned Russian banks and role in activities that threaten global financial stability.

The EU's sanctioning of Garantex marks a significant escalation in response to the exchange's actions, which have raised serious concerns among international authorities.

The sanctions will restrict investor access to their funds, diminish their trading capacity, and severely disrupt Garantex's operations, effectively undermining the exchange's ability to operate.

This move comes after the US Treasury imposed sanctions on Garantex in 2022 for facilitating illicit transactions and deficiencies in anti-money laundering and counter-financing of terrorism efforts.

The Estonian Financial Intelligence Unit also investigated and revoked Garantex's Estonian license.

Furthermore, the US and UK imposed sanctions on Garantex in response to the Russian invasion of Ukraine in 2024.

Despite these measures, US officials expressed concern over how to prevent Garantex's attempts to circumvent them.

The European Council, the official Council of the European Union, has raised concerns about Garantex's familiarity with evading their punishment.

This familiarity stems from a previous instance where the EU attempted to impose sanctions on Garantex in 2023 but encountered difficulties due to the exchange's structure, which posed challenges for efficient and rapid decision-making.

However, the council members ultimately reached a consensus to include Garantex in the sanctions list, aiming to decrease the exchange's ability to operate and deter other potential violators.

The sanctions will bar individuals and businesses in the EU from directly or indirectly providing economic resources to or receiving them from Garantex, and they will also freeze any funds or economic resources belonging to the exchange in the bloc.

Moreover, the sanctions will prohibit Garantex from accessing the European market for raising economic resources.

The goal of these sanctions is to disrupt Garantex's operations and reduce its ability to perform activities that threaten global financial stability.

The exchange is known for facilitating transactions for Russian bank Fizicheskiy, which is on the EU's sanctions list, and its subsidiary, Technocredit, both involved in activities that undermine Ukraine's territorial integrity, according to the council.

Garantex is also recognized for its role in the Russian banking system and its potential contribution to the destabilization of the EU's financial system.

These sanctions reflect the increasing pressure on crypto exchanges to comply with international regulations and cooperate in efforts to combat financial crime.

As the crypto industry continues to evolve, we can expect to see more such interventions from global authorities.

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Stay tuned for more updates on the latest developments in the crypto space.

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