US, UK look into $20 billion USDT entering sanctioned Russian exchange
Policy • March 28, 2024 12:07 PM EDT

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Authorities in the US and UK are investigating $20 billion worth of USD-pegged stablecoin Tether (USDT) that was routed through a licensed Russian exchange, Bloomberg reported. report According to a person familiar with the matter.

According to Bloomberg’s sources, the $20 billion worth of cryptocurrencies could be the single largest violation of sanctions against Russia since the start of the Russia-Ukraine war in February 2022. The source remained anonymous in exchange for divulging non-public information.

The investigation is centered on USDT transiting the Moscow-based exchange Garantex.US and UK authorized Garantex was arrested in April 2022 on suspicion of money laundering, terrorist financing, and enabling ransomware attacks.

Through the investigation, both countries hope to quash illegal efforts to support Russia’s war against Ukraine. However, Bloomberg’s sources note that it is too early to predict the outcome or predict that Tether’s parent company committed any wrongdoing.

Galantex remains one of a number of companies sanctioned by U.S. regulators in an effort to rein in Russia’s war financing. On March 25, the Treasury Department’s Office of Foreign Assets Control punished 13 entities and two individuals for allegedly using cryptocurrencies to help Russian nationals evade sanctions, The Block previously reported.

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