The United States Department of the Treasury sanctioned Russian cryptocurrency exchange Garantex and its replacement, Grinex. The sanction is aimed at more than $100 million worth of illicit transactions from ransomware extortion and criminal syndicates. The Treasury Office of Foreign Assets Control (OFAC) issued sanctions on 15 August 2025 as part of a wide-ranging operation against transnational crime abetted by cryptocurrency.
Details about the Sanctions
According to reports, at least $100 billion of cryptocurrency were processed by Garantex after April 2019. The platform reportedly served ransomware hackers and sponsors of terrorism. Garantex later changed its name to Grinex after it had faced previous sanctions in April 2022 in a bid to avoid being caught, operating with a new name.
The U.S. Treasury typically sanctioned three of the managers as well: Sergey Mendeleev, Aleksandr Mira Serda, and Pavel Karavatsky. Six Russian and Kyrgyzstan-based entities associated with these three were sanctioned similarly. This collective action is intended to exclude these actors from the U.S. financial system.
Bounty for Information
In a bid to enhance these efforts, the U.S. State Department offered a reward of a maximum of $6 million for information on the arrest of Garantex administrators. This consists of a $5 million reward for Aleksandr Mira Serda and a $1 million reward for other high-ranking members. The government urges anyone who possesses credible information to reach out to the U.S. Secret Service through secure means.
Impact on the Cryptocurrency Landscape
These sanctions are part of a wider strategy by U.S. officials to prevent criminal activity from being conducted through cryptocurrencies. America is also intensifying its crackdown on virtual networks that facilitate fast and tax-free transactions. Officials say any exchange discovered to be tied to illegal activity will also be hit with the same penalties.
Through paying high rewards and punishing with heavy penalties, U.S. officials hope to shut down operations such as Garantex and Grinex efficiently. Most of Garantex’s operation has been tracked by investigators to darknet markets and ransomware crews such as Conti and Black Basta.
The sanctions demonstrate the U.S. government’s commitment to combating crypto-enabled crime. Since over $100 million of crime is linked to the platforms, the measures are intended to deter future criminal activity in the market for digital assets. To get to a $6 million reward for tips is a healthy incentive to any person who might just have information to provide.
