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Russian Crypto Exchange Garantex Sanctioned by EU
The European Union has sanctioned Garantex, a Moscow-based cryptocurrency exchange, for its role in facilitating illicit financial transactions. The action is significant as it signals the bloc’s firm stance against financial entities that facilitate restricted transactions.
Garantex has been linked to Russian banks already under EU sanctions, allowing clients to convert rubles into cryptocurrency and transfer funds internationally despite restrictions. This move echoes similar actions taken by the US in 2022.
