$XRP Tether freezes 28 million dollars in USDT on the Russian exchange Garantex

AI Summary

According to CoinDesk, the issuer of the stablecoin Tether has taken steps to freeze USDT worth 28 million on the Russian cryptocurrency exchange platform Garantex. This action comes amid ongoing tensions and regulatory scrutiny involving the platform, which has been sanctioned by the European Union due to its alleged connections with the Russian government and criminal organizations.

Garantex announced on Thursday via Telegram that it has temporarily suspended all its services. The exchange platform expressed its concern over Tether's decision, stating: "Tether has entered into a war against the Russian cryptocurrency market and has blocked our wallets worth over 2.5 billion rubles." This fact highlights the increasing pressure on Russian cryptocurrency platforms as international regulatory bodies intensify their oversight.

The situation has raised alarms among users who have USDT in Russian wallets, as Garantex warned that these assets are now under threat. The exchange platform's statement emphasized its position as the first to face such actions, suggesting that other platforms may face similar challenges in the future. This incident underscores the complex dynamics at play in the global cryptocurrency market, where geopolitical factors and regulatory measures continue to shape the landscape.