US Treasury Cracks Down: Garantex & Grinex Blacklisted for $100M+ in Rogue Crypto Flows

The US Treasury just dropped the hammer—again. This time, crypto platforms Garantex and Grinex got slapped with sanctions for allegedly facilitating over $100 million in sketchy transactions. Whoops.

Behind the Iron Fist

Another day, another crypto firm in the Treasury's crosshairs. The message? Play fast and loose with compliance, and you’ll join the growing graveyard of blacklisted entities. Regulators aren’t bluffing.

The $100M Question

While neither platform is a household name, the sheer volume—$100M+—proves illicit crypto flows aren’t just a niche problem. Cue the usual suspects: money laundering, sanctions evasion, and the occasional ‘oops-we-didn’t-mean-to’ excuse.

Finance’s Favorite Punching Bag

Crypto remains the scapegoat for systemic financial crime—never mind that traditional banks move more dirty money before lunch. But hey, at least blockchain leaves a paper trail. Try getting that level of transparency from offshore shell companies.

What’s Next?

More crackdowns, more ‘regulation by enforcement,’ and—if history repeats—more innovation to route around it. The cat-and-mouse game continues. Place your bets.

• OFAC adds Garantex, its successor Grinex, three executives, and six firms to the sanctions list.
• Garantex handled over $100M in illicit crypto linked to ransomware groups Conti and LockBit.
• Following March 2025 raids, Garantex reappeared as Grinex and introduced the ruble-backed A7A5 token.

The Office of Foreign Assets Control (OFAC) of the US Treasury has re-designated Garantex Europe, a Russian-operated cryptocurrency exchange to its list of sanctioned entities. The August 14 announcement also includes Grinex, the exchange’s successor, three senior executives, and six companies located in Russia and the Kyrgyz Republic.

According to the authorities, Garantex processed over $100 million in transactions linked to ransomware groups like Conti and LockBit. The platform also processed funds associated with darknet markets, hacking activities, terrorist financing and drug trafficking.

“Digital assets are a vital part of innovation and economic growth, but their abuse will not be tolerated,” said John Hurley, Under Secretary of the Treasury for Terrorism and Financial Intelligence. He also said that money laundering and facilitating ransomware attacks undermine U.S. national security and damage legitimate VIRTUAL asset service providers.

Garantex’s Role in Cybercrime and the Move to Grinex

OFAC sanctioned Garantex initially in 2022 after finding it had ignored anti-money laundering and counter-terrorism financing rules. According to the agency, the exchange was linked to large criminal flows like ransomware proceeds.

Earlier this year, on March 6, the U.S. Secret Service and law enforcement in Germany and Finland seized Garantex’s web domains and blocked over $26 million in cryptocurrency. The next day, the Department of Justice unsealed indictments against the executives Aleksandr Mira Serda and Aleksej Besciokov. Besciokov was arrested later in India, and Serda is still a fugitive.

Indian Authorities Arrest Garantex Co-Founder for Extradition

Following the enforcement proceedings, the exchange’s executives initiated Grinex a few days later. Business operations were, therefore, enabled to transfer customer accounts and funds to the new platform. 

Further, a key part of this transaction was the introduction of the A7A5 token, a ruble-backed digital currency by the Kyrgyzstani company Old Vector. The token was used to refund the frozen balances and to bypass restrictions.

Additional Links to Criminal Networks

OFAC linked the A7A5 token to Russian firm A7 LLC, owned by sanctioned oligarch Ilan Shor and sanctioned Russian bank Promsvyazbank. Two subsidiaries, A71 LLC and A7 Agent LLC, also played roles in the scheme. All three companies, along with Old Vector, are now under U.S. sanctions.

Authorities also linked money launderer Ekaterina Zhdanova to the exchange. OFAC said that Lavender exchanged over $2 million in Bitcoin to Tether (USDT) using Garantex. 

Meanwhile, the U.S. State Department is offering up to $5 million for information leading to Serda’s arrest and up to $1 million for other Garantex leaders.

The United States is offering rewards totaling up to $6 million for information leading to the arrests and/or conviction of the leaders of Garantex, a Russian virtual currency exchange. The TRUMP Administration is committed to combating the illicit use of virtual currency by…

Under the new measures, U.S. persons and entities are prohibited from dealing with Garantex, Grinex, or their affiliates. In addition, the agency said that all assets within U.S. jurisdiction must be frozen and reported to OFAC.

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