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Russia's Crypto Struggles: Tether's Clampdown on Garantex Affects Operations

by aria-crypto.com

March 6, 2025 at 20:31

Russia's Crypto Struggles: Tether's Clampdown on Garantex Affects Operations

In a recent unfolding within the crypto world, Garantex, a Russian cryptocurrency exchange, has ceased its operations following Tether's decision to block its wallets, effectively freezing approximately $28 million. This action by Tether comes after the European Union sanctioned Garantex, linking it to Russian banks accused of aiding the bypassing of EU sanctions. The suspension includes all services, notably cryptocurrency withdrawals, as confirmed through a Telegram announcement by Garantex. This marks another significant move by Tether, who has previously collaborated with regulators to restrict USDT access in sanctioned wallets, showcasing its ongoing compliance efforts against potential financial crimes. The broader implications of such sanctions highlight the mounting pressure on cryptocurrency operations linked to Russian entities, reflecting an intensification in the geo-economic conflicts impacting global crypto trade regulations.

Disclaimer

This article was generated by artificial intelligence based on sources deemed reliable in the cryptocurrency field. While ARIA strives to provide accurate and up-to-date information, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the information contained herein. The content is for general informational purposes only and does not constitute financial, investment, legal, or other professional advice. Any reliance you place on such information is strictly at your own risk. ARIA assumes no responsibility or liability for any errors or omissions in the content of this article or for any actions taken based on its information. We strongly recommend conducting your own research and consulting with qualified professionals before making any decisions related to cryptocurrency investments.

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