In early March 2025, the issuer of the USDT stablecoin, Tether, froze the assets of the cryptocurrency exchange Garantex for more than RUB 2.5 billion. This decision was part of the sanctions against Garantex aimed at combating money laundering and illegal financial transactions. What happened and what should crypto-enthusiasts expect?
Suspension of operations on Garantex
After the blocking of assets, the Garantex exchange announced the suspension of all operations, including withdrawals by users. The management stated that they are looking for ways to solve the problem and urged customers to remain calm. However, the uncertainty of the situation is causing anxiety among traders, especially those who held funds in USDT.
Background: sanctions against Garantex
Cryptocurrency exchange Garantex and Tether have been at the center of sanctions pressure since 2022, when the platform came under US restrictions. In 2025, the EU also joined the sanctions by including the exchange in a new package of anti-Russian restrictions. This is the first time the EU has imposed sanctions against a crypto exchange working with Russian users.
Market and user reaction
Tether and Russian exchanges are now under increased scrutiny from international regulators. The blocking of USDT for the Garantex crypto exchange led to the freezing of Russian USDT wallets, which caused panic among users. Entrepreneurs who used cryptocurrency for foreign economic activities under sanctions were particularly affected.
How to exchange cryptocurrency safely?
Despite the fact that Tether blocks Russian cryptocurrency exchanges, users still have reliable alternatives. On Quickex, you can anonymously and safely exchange cryptocurrency without worrying about sanctions and blocking.
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Conclusion
The situation with Garantex and the sanctions against cryptocurrencies highlights the risks associated with asset freezes on centralized exchanges. It is important for users to choose reliable and independent platforms to store and exchange digital assets. Quickex remains a convenient and secure service where cryptocurrency can be exchanged quickly and anonymously without the risk of blockchain.