U.S. Sanctions Garantex, Offers $6 Million Bounty for Leadership Arrest

The U.S. government has escalated its campaign against Garantex, a Russian-operated cryptocurrency exchange linked to extensive illicit financial flows. In a coordinated move, the Departments of State and Treasury announced new sanctions and a $6 million reward for information leading to the arrest or conviction of the exchange’s leadership. The State Department’s Transnational Organized Crime Rewards Program is offering up to $5 million for details on Aleksandr Mira Serda, a Russian national and one of Garantex’s top figures, and an additional $1 million for information on other senior members of the network [1].

The Treasury’s Office of Foreign Assets Control (OFAC) has re-designated Garantex and imposed sanctions on Grinex, a platform allegedly functioning as Garantex’s successor. Three executives and six affiliated companies linked to the exchanges in Russia and Kyrgyzstan have also been sanctioned, blocking their access to the U.S. financial system. Officials estimate that between April 2019 and March 2025, Garantex processed at least $96 billion in cryptocurrency transactions, with a significant portion tied to hacking, ransomware, terrorism financing, and drug trafficking [1].

U.S. authorities have previously taken action against Garantex, with OFAC imposing sanctions in April 2022 over violations of anti-money laundering (AML) and counter-terrorism financing regulations. The European Union also imposed sanctions in February 2025. These actions reflect a growing international consensus to target crypto platforms that facilitate large-scale cybercrime [1].

The U.S. Department of Justice recently unsealed an indictment against two senior Garantex administrators, Aleksej Besciokov and Aleksandr Mira Serda, for their alleged role in money laundering. Besciokov was arrested in India shortly after the indictment was made public. The U.S. is also encouraging international collaboration to track down the remaining leadership, emphasizing the global nature of the crime network [1].

The sanctions and bounty program underscore the U.S. government’s commitment to disrupting the financial infrastructure that enables cybercriminals to operate with anonymity and speed. By targeting both Garantex and its successor platform, officials aim to prevent the displacement of illicit activity to new exchanges. The move aligns with broader efforts to hold accountable individuals and entities involved in facilitating ransomware attacks and other forms of digital crime [1].

Source:

[1] U.S. hits Russian crypto exchange with sanctions and bounty, Yahoo, https://finance.yahoo.com/news/u-hits-russian-crypto-exchange-192706537.html