U.S. and EU Authorities Shut Down Russia-Linked Crypto Exchange Garantex

U.S. and European authorities have shut down Garantex, a Moscow-based cryptocurrency exchange accused of processing nearly $100 billion in transactions, much of it allegedly tied to criminal and terrorist organizations. Despite being sanctioned by the U.S. Treasury in 2022, the exchange remained a major channel for Russians moving funds in and out of the country, evading Western financial restrictions.

Garantex allegedly facilitated transactions for oligarch intermediaries, weapons importers, ransomware groups, and drug traffickers. Since April 2019, the platform processed at least $96 billion in cryptocurrency transactions, violating sanctions and enabling money laundering.

In a coordinated operation, U.S., German, and Finnish authorities dismantled Garantex’s infrastructure. The U.S. Secret Service (USSS) seized three of its domain names—Garantex.org, Garantex.io, and Garantex.academy—displaying a notice of seizure on the sites. Meanwhile, German and Finnish law enforcement confiscated servers hosting Garantex’s operations.

U.S. officials also obtained copies of Garantex’s servers, customer data, and accounting records, uncovering extensive illicit activity. Additionally, over $26 million in illicit funds linked to Garantex’s money laundering network has been frozen.

This takedown marks a significant step in cracking down on crypto crime and disrupting financial channels used by sanctioned entities and cybercriminals. Law enforcement agencies continue to target illicit cryptocurrency exchanges that enable terror financing and organized crime.