The United States Imposes Sanctions on Russian Stablecoin A7A5 and Garantex Exchange

According to reports, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has imposed sanctions on the Russian cryptocurrency exchange Garantex and the companies and management related to its supported stablecoin A7A5, and has closed the Garantex exchange. OFAC accuses these entities and individuals of using ransomware for money laundering activities and attempting to evade sanctions. Before its closure, Garantex handled over $100 million in illegal transactions, while the emerging Grinex intends to continue its business. The sanctioned Russian organization-supported A7A5 token is used to evade international sanctions, handling transaction volumes of up to $1 billion daily.