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

issued 1 minute ago upon

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.

Disclaimer: The Block is an independent media outlet that delivers news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in: Other companies In the crypto space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block remains independently operated to provide objective, impactful, and timely information about the cryptocurrency industry. Current financial disclosure information is as follows:

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Related Article


Leave a Comment