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Sanctioned Russian Crypto Exchange Garantex Linked To Terror Groups And Global Cybercrime!

Cybercrime tamir -
In 2021, FinTelegram exposed the Russian crypto exchange Garantex as a scam facilitator and money laundromat. In 2022, the Estonian FIU, as the competent regulatory authority, revoked the crypto license of the crypto exchange over money laundering issues. In a recent report by Angus Berwick for the WSJ, the resilience and growth of Moscow-based Garantex, despite being sanctioned by the U.S., was highlighted. However, a year later, Garantex is thriving.

Sanctioned Russian Crypto Payment Processor Garantex Still In Business!

Crypto Schemes tamir -
Russian crypto payment processor Garantex lost its Estonian crypto license in March 2022 due to money laundering activities and was placed on the U.S. sanctions list last April. Customers still sign the user agreement with Estonian Garantex Europe OÜ (now Kihonzi Buzhaga OÜ), but the website now gives an address in Moscow City as its official headquarters. With the Russian oligarch Alexander Lebedev, Garantex founder Sergey Mendeleev established the Russian InDeFi SmartBank.

Sanctioned Crypto Payment Processor Garantex Continues To Grow While Founder Launches New Project!

Crypto Ben -
In March 2022, the Russian-controlled Estonian crypto payment processor Garantex Europe OÜ had to surrender its crypto license for money laundering issues. It allegedly processed more than €5 billion annually, primarily for merchants from Russia and other high-risk countries. The U.S. Department of Treasury sanctioned Garantex but they seem unimpressed. Their business seems to boom, and Garantex founder Sergey Mendeleev announced a new DeFi venture.

Sanctioned Russian-Estonian Garantex Still Heavily Engaged in Russia Without License!

Crypto Schemes Ben -
In March 2022, the Russian-controlled Estonian Garantex Europe OÜ had to surrender its crypto license. According to FIU findings, this crypto payment provider processed more than €5 billion annually, primarily for merchants from Russia and other high-risk countries. In April 2022, the U.S. Department of Treasury sanctioned Garantex for ransomware activities for Russian gangs and added it to the OFAC's SDN list. However, in our 28 July 2022 review, the crypto exchange worked "normally" and still does most of its business in Russia and Belarus.

Sanctioned Russian-Estonian Ransomware Facilitator Garantex Still Active!

Estonian FIU Ben -
In March 2022, the Russian-controlled Estonian Garantex Europe OÜ had to surrender its crypto license. Allegedly, this crypto payment provider processed more than €5 billion per year, mostly for merchants from Russia and other high-risk countries. In April 2022, the U.S. Department of Treasury sanctioned Garantex for ransomware activities for Russian gangs and added it to the OFAC's SDN list. However, in our 23 June 2022 review, the crypto exchange changed the name of the legal entity and is still "working normally," as it reads on its website.

FinTelegram is a cyberfinance intelligence and compliance platform investigating financial crime, regulatory violations, and the rails, entities, and ecosystems that facilitate them. Combining investigative journalism, whistleblower intelligence, and forensic compliance analysis, we map risk across payments, banking, crypto, and offshore structures to support transparency, accountability, and informed action.

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