OFAC Hits Garantex, Grinex Over $100M Criminal Transfers

Crypto News Regulation

OFAC Hits Garantex, Grinex Over Alleged $100 Million in Criminal Transfers

Written by Aaron S.,

Editor-In-Chief

Last Updated: August 15, 2025

Key Takeaways

OFAC sanctioned Garantex, Grinex, execs, and affiliates over $100 million in illegal transactions tied to cybercrime;
The Treasury said misuse of crypto platforms for laundering and ransomware threatens national security and industry trust;
The latest decision adds to a growing list of Russian-language exchanges facing US restrictions.

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OFAC Hits Garantex, Grinex Over Alleged $100 Million in Criminal Transfers

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The US Treasury’s Office of Foreign Asset Control (OFAC) has sanctioned a Russia-linked cryptocurrency exchange, which shows that regulators are taking action against certain digital asset firms despite President Donald Trump's push for oversight.

According to an August 14 press release, OFAC named Garantex Europe OU and said it was used by ransomware groups and other criminals.

The agency reported that the exchange handled more than $100 million in illegal transactions since 2019. Also added to the sanctions list were Garantex’s successor, Grinex, three of the exchange’s executives, and six related companies based in Russia and Kyrgyzstan.

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Under Secretary of the Treasury for Terrorism and Financial Intelligence John K. Hurley said:

Exploiting cryptocurrency exchanges to launder money and facilitate ransomware attacks not only threatens our national security, but also tarnishes the reputations of legitimate virtual asset service providers.

This is not OFAC’s first action against Garantex. The platform was previously sanctioned in April 2022 for its ties to Russia’s financial system after the war in Ukraine began.

That decision came as many US companies and regulators sought to cut business links with Russian banks and firms following the invasion.

The latest sanctions expand OFAC's list of restricted cryptocurrency services, which already includes Russian-language platforms such as Cryptex, Bitpapa, and Chatex.

The FBI recently warned that scammers pose as lawyers, using past loss details to steal more from crypto fraud victims. What did the agency say? Read the full story.