Tether dealt a blow to the Russian cryptocurrency exchange Garantex, blocking wallets worth over 2.5 billion rubles. This was an unexpected turn for the platform, which is now forced to temporarily suspend all operations, including withdrawals. The exchange's team has already stated that they are actively seeking a way out of the situation, but for now, users can only wait.
The company Tether, issuer of the largest stablecoin USDT, froze Garantex's assets in their wallets. The amount is significant — over 2.5 billion rubles at the current exchange rate, equivalent to about $27 million. The reason for the blocking has not been officially disclosed, but the crypto community is already discussing possible sanction motives. Garantex, in its statement, called it a 'war against the Russian crypto market' and warned that other platforms might also come under threat.
The exchange responded quickly by suspending all services. This means you won't be able to withdraw your coins or make any transactions through the platform for the time being. The Garantex team emphasizes that they don't intend to give up and are working on a solution. However, no specific timeframe for resuming operations is available at this point.
USDT is one of the most popular stablecoins globally, and millions of traders use it for funds storage and trading. The blocking of Garantex wallets is not only a problem for the exchange itself but also a signal for all those who hold assets in this token on Russian platforms. The Garantex team explicitly states: 'All USDT in Russian wallets is now under threat.' This could mean that other exchanges or services may also face similar measures.
The last point is key. Unlike decentralized coins like Bitcoin, USDT is fully controlled by Tether. This gives them the ability to intervene in transactions and freeze assets, as has happened in the case of Garantex.
The block was not a complete surprise for those following the news. Garantex had already caught the attention of US regulators. In April 2022, the Office of Foreign Assets Control (OFAC) and the US Department of the Treasury included the exchange in sanctions lists. This happened on April 5, 2022, as part of coordinated actions against Russian crypto exchange and darknet market Hydra. The accusations concerned Garantex's involvement in money laundering, including transactions over $100 million linked to illegal activities such as the activities of the hacker group Conti and Hydra.
On February 23, 2025, the European Union included the Russian cryptocurrency exchange Garantex in its 16th package of sanctions against Russia. This marked the first instance when the EU directly imposed sanctions on a cryptocurrency platform registered in Russia.
According to the official statement of the EU Council, Garantex was sanctioned due to its connection with Russian banks already under EU restrictions, such as Sberbank, T-Bank, and Alfa-Bank. Regulators claim that the exchange helped these banks circumvent financial restrictions by allowing clients to convert rubles into cryptocurrency and then exchange it for other currencies to access the global financial system. This move by the EU aims to close the loopholes that Russia uses to evade sanctions through digital assets.
Sanction pressure on the Russian market is increasing, and cryptocurrencies are no exception. Tether, as a US company, operates within the requirements of US authorities.