U.S. Imposes Sanctions on Garantex and Offers $6 Million Bounty for Leadership Arrest

The U.S. government has taken a decisive step in its campaign against illicit cryptocurrency activity by imposing sanctions on Garantex, a Russian-operated crypto exchange, and announcing a $6 million reward for information leading to the arrest of its leadership [1]. The Treasury Department’s Office of Foreign Assets Control (OFAC) re-designated Garantex and added Grinex, an alleged successor platform, to its sanctions list, blocking both from accessing the U.S. financial system [1]. The move is part of a broader strategy to disrupt the use of digital assets for transnational crime, including hacking, ransomware attacks, and terrorism financing.

The bounty specifically targets Aleksandr Mira Serda, a Russian national and Garantex leader, with a $5 million reward offered for his capture, and an additional $1 million for other senior figures. U.S. officials have urged the public to provide credible leads through secure channels [1]. This approach reflects a growing emphasis on leveraging both sanctions and financial incentives to dismantle illicit crypto infrastructure.

Investigators estimate that between April 2019 and March 2025, Garantex processed at least $96 billion in cryptocurrency, with a significant portion believed to be linked to criminal organizations operating across multiple countries [1]. The U.S. has previously linked Garantex to laundering proceeds from a range of illicit activities, including ransomware attacks and terrorism financing.

The Treasury’s action against Garantex and Grinex aims to prevent the re-emergence of sanctioned entities under new names. By severing the platform’s connections to the U.S. financial system and targeting key executives, the administration is attempting to close off avenues through which illicit actors can transfer money without oversight. This aligns with a broader effort to expand U.S. offensive capabilities against crypto crime, especially in jurisdictions where digital assets are used to evade traditional sanctions [1].

Garantex remains operational for Russian users, but the sanctions could lead to reputational damage, reduced access to international markets, and compliance risks for partners. While the exchange has not publicly responded to the measures, the imposition of U.S. sanctions often results in secondary consequences, even if the platform continues to function within its home market.

The U.S. strategy underscores a long-term commitment to controlling the use of digital assets for financial evasion and maintaining the integrity of the global financial system. With Garantex now on the sanctions list, the message to other crypto operators is clear: the U.S. will continue to take decisive action to prevent the circumvention of its economic policies through digital finance.

Sources:

[1] AInvest, https://www.ainvest.com/news/sanctions-garantex-offers-6-million-bounty-leadership-arrest-2508/

[2] CCN.com, https://www.ccn.com/news/crypto/news/