Global Crackdown Targets Garantex’s Online Operations
In a coordinated international effort, the U.S. Department of Justice (DOJ), along with law enforcement agencies in Germany and Finland, has seized multiple domains tied to the sanctioned Russian cryptocurrency exchange Garantex. The move aims to dismantle the platform’s online infrastructure, which authorities say has been instrumental in facilitating illicit financial activities.
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According to a DOJ announcement on Friday, Garantex has laundered at least $96 billion in funds since April 2019, serving as a hub for criminal organizations and cybercriminals. The takedown marks a significant escalation in the global fight against crypto-related money laundering and sanctions evasion.
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Tether and Blockchain Analytics Firms Aid Crypto Crackdown
Stablecoin issuer Tether played a crucial role in the operation, assisting the U.S. Secret Service in freezing $23 million in illicit funds linked to Garantex. In a blog post, the company stated that its collaboration with authorities underscores its commitment to preventing financial crime in the crypto sector.
Additionally, blockchain analytics firm Elliptic contributed to the crackdown by tracking obscured transactions on Garantex’s network. Despite being sanctioned, the exchange reportedly processed over $60 billion in transactions, further exposing its role in illicit finance.
DOJ Indicts Garantex Executives on Money Laundering and Sanctions Violations
As part of the investigation, a newly unsealed DOJ indictment identifies Aleksej Besciokov, Garantex’s principal technical administrator, and Aleksandr Mira Serda, the platform’s co-founder and chief commercial officer. The indictment reveals that Besciokov, a Lithuanian national living in Russia, and Mira Serda, a Russian national based in the UAE, operated the exchange from 2019 to 2025.
Both individuals now face serious charges, including conspiracy to commit money laundering, violating international sanctions, and running an unlicensed money transmitting business. Their alleged involvement highlights the ongoing challenges in regulating crypto exchanges operating outside traditional financial systems.
A Major Win for Global Crypto Enforcement
The seizure of Garantex’s domains signals an intensified crackdown on illicit crypto activity by global regulators and law enforcement agencies. As authorities continue to target sanctioned and non-compliant exchanges, the case underscores the growing importance of cross-border cooperation in financial crime investigations.
Garantex Sanctioned for Money Laundering Tied to Cybercrime
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Garantex in April 2022, citing its role in facilitating money laundering linked to ransomware attacks and darknet markets. At the time, Garantex was the third-largest cryptocurrency exchange to face U.S. sanctions, underscoring its significance in the global illicit finance network, as previously reported by The Block.
Despite efforts to freeze illicit funds, Tether-assisted authorities in blocking $23 million, but additional Tether-linked assets may still be circulating through Garantex. As of March 2024, both U.S. and UK investigators were probing $20 billion worth of USDT transactions associated with the exchange. Tether’s USDT remains the world’s largest USD-pegged stablecoin, further amplifying concerns over its use in sanctioned financial networks. 
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