In a move that shocked the crypto market, Tether froze 28 million USDT on the Garantex exchange, a Russian cryptocurrency platform that is being sanctioned by the European Union (EU) due to its ties with the Russian government and criminal organizations.
Garantex Reacts Strongly: "Tether Has Declared War on the Russian Crypto Market"
Right after the decision of #Tether , Garantex announced a complete halt of operations, also stating on Telegram that:
"Tether has entered into the fight against the Russian crypto market and has blocked our wallet worth over 2.5 billion rubles (about 28 million USD)."
This exchange also warned that any USDT held in Russia may be at risk and asserted:
"We are the first, but certainly not the last."
Reasons Why Garantex Was Targeted by Tether
#Garantex is one of the cryptocurrency trading platforms penalized by the EU due to its links with the Russian government and criminal groups. This freezing of USDT shows that Tether is taking strong measures to comply with global regulations, especially in the context of increasingly tightening economic sanctions against Russia.
Tether and the Compliance War
Tether, the largest stablecoin issuer in the world, is always under pressure to ensure transparency and comply with international sanctions. This move not only affects Garantex but could also impact other crypto trading platforms in Russia.
It is still unclear whether Tether will continue to extend its sanctions measures to other exchanges. However, with Garantex's statement, it can be seen that a wave of USDT control in Russia may continue to occur.
📌 Question raised: Is this just a one-off move or will it be the beginning of a stronger purge in the Russian crypto market? Let's wait and see what developments follow! 🚨 #anhbacong
