Tag: OFAC

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.