Garantex Under Fire: Urgent U.S. Treasury Sanctions Shake Russian Crypto Exchange

Key Points

1. The U.S. Department of the Treasury's OFAC is specifically targeting Garantex, requiring U.S. persons to report any dealings with the exchange to ensure compliance with sanctions.

2. Garantex is accused of facilitating ransomware payments and funding malicious cyber activities, though specific details of its alleged illicit actions are not fully disclosed.

3. The sanctions serve as a reminder for cryptocurrency users to stay informed about regulatory advisories and ensure compliance with OFAC guidelines.

4. U.S. persons are generally prohibited from engaging with OFAC-targeted entities like Garantex, and any assets within U.S. jurisdiction must be reported.

5. Users are advised to conduct due diligence, use reputable exchanges with strong KYC/AML policies, and consult OFAC guidance to avoid violating sanctions, which can result in severe penalties.