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U.S. Widens Sanctions on Garantex, Grinex and Linked Kyrgyz Crypto Firms

The measures combine expanded sanctions with multi-million-dollar U.S. rewards to tighten the noose around illicit crypto payment channels.

U.s. blacklists crypto network behind ruble backed stablecoin and shuttered exchange garantex
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Us sanctions russia's crypto exchange, executives over $100 million in illicit transactions

Overview

  • OFAC re-designated Garantex, designated successor Grinex, three executives and six partner companies in Russia and Kyrgyzstan.
  • The State Department’s Transnational Organized Crime Rewards Program is offering rewards totaling up to $6 million for information leading to arrests or convictions of Garantex leaders, including $5 million for Aleksandr Mira Serda.
  • The Treasury also sanctioned Kyrgyzstan-based firms tied to the ruble-pegged A7A5 stablecoin, accusing them of facilitating cross-border payments for sanctioned entities.
  • Analytics firms Elliptic and Chainalysis estimate A7A5 daily flows reached about $1 billion by July, with cumulative volumes exceeding $51 billion.
  • The latest actions reinforce March’s global operation that seized Garantex domains, froze over $26 million in crypto and triggered DOJ indictments resulting in at least one high-profile arrest.