Tether has frozen 27 million USDT linked to Garantex, a Russian crypto exchange that was recently sanctioned by the European Union (EU). Tether Freezes 27 Million USDT on Sanctioned Russian Exchange Garantex According to an official announcement from the exchange, this move has caused Garantex to halt trading and withdrawals. Garantex Suspends Trading After USDT Freeze Garantex confirmed the development on its Telegram channel, stating that Tether blocked wallets containing more than 2.5 billion rubles ($27 million). In response, the exchange temporarily suspended all services, including withdrawals, and its website is currently under maintenance. The action follows the EU's decision on February 26 to include Garantex in its 16th package of sanctions over Russia's war in Ukraine. According to the EU, Garantex has close ties to Russian banks already sanctioned by the bloc. Garantex is the Target of International Sanctions The EU’s decision marks the first time it has imposed sanctions on a Russia-based cryptocurrency exchange, although the exchange was blacklisted by US authorities in April 2022 when the US Treasury Department’s Office of Foreign Assets Control (OFAC) imposed similar sanctions. Concerns are growing over the stability of USDT holdings on Russian exchanges as Tether actively blocks funds associated with sanctioned entities. “All USDT in Russian wallets is currently under threat,” Garantex warned in a statement. Tether Has Not Responded Yet Despite the controversy, Tether has not publicly commented on the decision to freeze Garantex wallets. The incident highlights the growing regulatory pressure on crypto exchanges affiliated with sanctioned entities as authorities tighten controls on digital assets linked to illegal activities and geopolitical conflicts. *This is not investment advice. Continue Reading: Stablecoin Giant Tether Freezes Millions of USDT on Russian Exchange! Exchange Cannot Trade! Here Are the Details
