On Thursday, stablecoin issuer Tether froze access to wallets linked to Garantex, holding approximately $28 million in funds from the crypto exchange. This move coincided with a major international law enforcement operation, led by the U.S. Secret Service, which took down Garantex’s official websites.
Despite these actions, Garantex remained silent on its Telegram channels, failing to acknowledge the crackdown. Instead, the company merely informed users that it was suspending all services, including cryptocurrency withdrawals.
U.S. Authorities Charge Garantex Executives with Money Laundering
The situation escalated further on Friday when the U.S. Justice Department formally charged two Garantex administrators, Aleksej Besciokov and Aleksandr Mira Serda. Prosecutors accused them of facilitating money laundering for cybercriminals and terrorist organizations through the exchange.
Additionally, the U.S. froze over $26 million in Tether and Bitcoin, both of which had been used to process illicit transactions. This action explained the earlier freezing of Garantex-linked Tether wallets.
Garantex Offers Customers a Dubious “Solution”
By Saturday, Garantex responded with an unexpected offer to its customers—albeit one with a major catch. Rather than directly addressing the law enforcement actions, the company posted an announcement on its official Telegram channel, claiming it had developed a “solution for blocked assets.”
The message invited users with positive account balances to schedule a personal meeting at Garantex’s Moscow office. According to a machine-translated version of the announcement, the exchange will begin face-to-face meetings starting Monday.
In a surprising request for the crypto world, which highly values anonymity, Garantex is asking customers to bring the phone linked to their account and access to their email. The company explained that these would be necessary to receive confirmation codes during the process.
However, this in-person requirement raises major concerns. With Garantex now sanctioned by both the U.S. government and the European Union, visiting its office could pose unpredictable risks to customers. Moreover, given the Russian government’s involvement in financial regulations, there’s no guarantee that users will successfully retrieve their funds.
As the crackdown intensifies, Garantex’s future—and that of its customers—remains uncertain.
