Charles Esther
The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has intensified sanctions against cryptocurrency exchange Garantex Europe, adding its “successor” firm Grinex to the Specially Designated Nationals (SDN) list along with three Garantex executives and six affiliated companies based in Russia and the Kyrgyz Republic.
Illicit Transactions Exceed $100 Million
According to OFAC, Garantex processed over $100 million linked to illicit activities since 2019, facilitating money laundering and ransomware operations.
Treasury Warns Against Crypto Abuse
John Hurley, under secretary of the Treasury for terrorism and financial intelligence, stressed that the U.S. will not tolerate misuse of digital assets to support cybercrime or evade sanctions, warning that such actions harm both national security and the credibility of legitimate virtual asset providers.
Background on 2022 Sanctions
OFAC first sanctioned Garantex in 2022, citing “willful disregard” for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations. The penalties included $26 million in crypto seizures, website takedowns, and indictments for two executives.
Creation of Grinex to Evade Measures
Officials allege that Garantex leaders created Grinex as a workaround to bypass sanctions, continuing illicit activities despite enforcement actions.
Additional Wallet Addresses Targeted
The latest sanctions list includes wallet addresses linked to Bitcoin (BTC), Ether (ETH), and Tron (TRX) transactions tied to Garantex.
DOJ Unseals Indictments
In March, the U.S. Department of Justice unsealed charges against executives Aleksandr Mira Serda and Aleksej Besciokov for conspiracy to commit money laundering, sanctions violations, and operating an unlicensed money services business.
Arrest in India During Holiday
Besciokov was arrested in India while on vacation and now faces prosecution in the Eastern District of Virginia.
Arrest Warrant Issued for Founder
On Aug. 6, the court issued a corrected arrest warrant for Mira Serda, who remains at large.
Reward Offered for Information
U.S. authorities are offering up to $6 million for tips leading to the capture of Mira Serda or other Garantex executives.
