Cryptocurrency Exchange Garantex faces severe restrictions as Tether freezes its wallet and has access to over 2,5 BLN Rubles ($28 million). In response, the exchange announced a temporary suspension of all services, including the withdrawal of cryptocurrency, but the team is working to resolve the issue.
“We’re fighting and we won’t give up!” The Garantex team said it emphasizes that Tether’s actions threaten the entire Russian crypto market and risk blocking USDT in Russian wallets.
The move places yet another blow to Garantex, which was previously targeted by sanctions. In April 2022, the exchange was blacklisted by the US, and then the EU was added to the sanctions list in February 2025 for allegedly “related to the Bank of Russia.” Despite these restrictions, Garantex at the time assured users that all services would continue to work perfectly.
The latest restrictions imposed by Tether have raised questions about Garantex’s future operations. However, the exchange team claims they are doing everything they can to navigate this crisis.
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