5.9 C
New York
Saturday, March 28, 2026
spot_img

Tag: Garantex Europe

FinCEN Exposes Binance’s Deep Ties with Sanctioned Russian Exchange, Implications for Ex-CEO Zhao’s Sentencing!

Money Laundering tamir -
FinCEN's recent investigations into Binance have unearthed troubling revelations about the cryptocurrency exchange's longstanding collaboration with the Russian exchange Garantex, which has been embroiled in money laundering controversies. This partnership persisted even after Garantex Europe, based in Estonia, had its license revoked in February 2022 due to AML concerns and was subsequently placed on the OFAC sanctions list in April 2022.

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.

Estonian Crypto Regulator FIU Presents 2022 Update!

Estonian FIU Ben -
At the beginning of 2022, 381 valid crypto licenses have been recorded by the Estonia FIA. By June 15, 2022, the virtual asset service providers (VASP), licensed by the Estonian FIU, had applied amendments for 135 authorizations. While the regulator revoked 18 licenses, 94 service providers surrendered their authorizations in 2022. In 2021, 253 active VASPs had some 4.8 million clients and processed €20.3 billion within 12 months. 85% of this volume came from only 15 service providers, most of them have not submitted any reports of suspicious transactions.

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.

The Russian €5 billion issue! Estonian Garantex Europe lost crypto license!

FIU Estonia tamir -
Garantex Europe OÜ used to be a licensed Estonian crypto payment processor moving more than €5 billion. It had close ties to Russia, a regulatory investigation found. The Estonian Financial Intelligence Unit (FIU) identified serious and systematic deficiencies in the company's KYC/AML procedures, which would have led to the revocation of the crypto license. Consequently, Garantex Europe OÜ surrendered its license.

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.

Contact us: [email protected]

Disclaimer: FinTelegram is an independent intelligence and compliance platform and does not provide investment, legal, or financial advice. Content published on this website, including references and links to third-party sources, is provided for informational, contextual, and educational purposes only and does not constitute a recommendation, endorsement, or solicitation. Readers must make their own independent assessment and obtain professional advice where appropriate. Past events and referenced materials are not a track record and should not be relied upon as an indicator of future results.

© Copyright - FinTelegram News powered by Cyber Intelligence Services LLC