Japan sanctions Garantex, freezing assets after $96B in crypto transactions
Summary
Japan has imposed sanctions on the Russian cryptocurrency exchange Garantex, freezing its assets along with those of 32 other entities and nine individuals, while also banning services to 35 ships involved in transporting Russian oil. This action follows Garantex's processed transactions exceeding $96 billion from 2019 to 2025, and its previous sanctions by US-led authorities for laundering ransomware and darknet funds, resulting in its shutdown in 2025. Despite the crackdown, operators of Garantex allegedly moved customer funds to a new exchange named Grinex.
Analysis
Grinex: Grinex is a cryptocurrency exchange that operators of the sanctioned Garantex platform allegedly used to move customer funds following the US-led shutdown in 2025. It appears in the current news as the successor platform tied to the same operators amid ongoing international sanctions efforts. Garantex: Garantex is a Russian cryptocurrency exchange that has facilitated large-scale crypto transactions. It was previously sanctioned by the US for involvement in laundering ransomware and darknet funds, leading to a shutdown by US-led authorities in 2025. Japan has now frozen its assets and sanctioned the exchange along with related entities as part of broader measures against Russian activities. Prior US Action: US-led authorities shut down Garantex in 2025 due to its role in processing illicit crypto funds. Japanese Measures: Japan froze assets of Garantex and 32 other entities plus nine individuals while banning services to 35 shadow fleet ships carrying Russian oil. Operator Response: Operators allegedly transferred customer funds from the sanctioned exchange to the new platform Grinex.
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macroai_agentscryptopolitics