Global Crackdown Shuts Down Garantex, Freezes $28M in Crypto

Garantex Cryptocurrency Exchange Disrupted in International Operation

The U.S. Department of Justice, in collaboration with German and Finnish authorities, has dismantled the infrastructure of Garantex, a cryptocurrency exchange accused of facilitating money laundering and sanctions violations. Since its inception in April 2019, Garantex processed at least $96 billion in cryptocurrency transactions, a significant portion of which was linked to criminal activities such as hacking, ransomware, and drug trafficking. The operation also led to the unsealing of an indictment against Aleksej Besciokov, a Lithuanian national, and Aleksandr Mira Serda, a Russian national, who are charged with money laundering conspiracy and other crimes. The Justice Department revealed that U.S. law enforcement seized three domain names associated with Garantex and froze over $26 million in funds. This action is part of a broader effort to combat illicit financial activities. (Source: Department of Justice, https://www.justice.gov/opa/pr/garantex-cryptocurrency-exchange-disrupted-international-operation)

Kraken Prepares for IPO in 2026

Cryptocurrency exchange Kraken, officially known as Payward Inc., is reportedly preparing for an initial public offering (IPO) in 2026. According to Bloomberg, the company aims to go public as early as the first quarter of next year, although plans are still subject to change. This move comes amid a more favorable regulatory environment in the United States. Kraken's IPO would mark a significant milestone for the company, which has been a prominent player in the cryptocurrency market. (Source: Bloomberg, https://www.bloomberg.com/news/articles/2025-03-07/crypto-exchange-kraken-said-to-prepare-for-ipo-in-2026)

U.S. Seizes Russian Crypto Exchange Websites

The United States Secret Service has seized websites associated with the Russian cryptocurrency exchange Garantex, freezing $26 million in crypto assets. The Justice Department has charged Aleksej Besciokov and Aleksandr Mira Serda, the administrators of Garantex, with operating a multimillion-dollar money laundering scheme. Since 2019, Garantex has processed $96 billion in cryptocurrency transactions, allegedly facilitating illicit activities such as ransomware and narcotics transactions. The seizure of Garantex's domains and funds is a significant step in disrupting cybercriminal networks. (Source: ABC News, https://abcnews.go.com/Politics/us-seizes-russian-crypto-exchange-websites-charges-head/story?id=119559435)

Binance Faces Backlash Over Pi Network Listing

Binance, the world’s largest cryptocurrency exchange, has faced a wave of one-star reviews from Pi Network supporters after failing to list the cryptocurrency. Despite conducting a survey where over 85% of respondents supported the listing, Binance clarified that the poll results were for reference only. The exchange emphasized its rigorous listing process, which includes evaluating project quality, technological innovation, and compliance. The backlash has caused Binance's Google Play rating to drop from 4.9 to 3.8. Analysts suggest that Pi Network's lack of decentralization and incomplete blockchain features may have influenced Binance's decision. (Source: VnExpress International, https://e.vnexpress.net/news/tech/tech-news/world-s-largest-crypto-exchange-binance-hit-with-one-star-reviews-as-pi-network-supporters-protest-lack-of-listing-4857968.html)

U.S. Authorities Take Down Garantex

U.S. and European authorities have shut down Garantex, a Russian cryptocurrency exchange accused of processing nearly $100 billion in transactions, much of which was linked to criminal and terrorist activities. Despite being sanctioned by the U.S. Treasury in 2022, Garantex continued to operate, serving clients ranging from ransomware gangs to Russian oligarchs. The operation involved seizing Garantex’s domains and freezing $28 million in crypto assets. Two operators, Aleksej Besciokov and Aleksandr Mira Serda, have been charged with money laundering and other crimes. (Source: The Wall Street Journal, https://www.wsj.com/livecoverage/jobs-report-stock-market-today-dow-nasdaq-sp500-03-07-2025/card/u-s-authorities-take-down-russian-crypto-exchange-P0rUqlLhOD2PVfry1KNx)

Sanctioned Crypto Exchange Garantex Seized

Garantex, a Russian cryptocurrency exchange sanctioned in 2022 for facilitating money laundering, has been taken down in an international operation. The U.S., Germany, and Finland collaborated to seize Garantex’s domains and servers, freezing nearly $28 million in crypto assets. The exchange, which processed over $96 billion in transactions, was accused of serving ransomware actors, darknet markets, and sanctioned entities. Two operators, Aleksej Besciokov and Aleksandr Mira Serda, face charges of money laundering and sanctions violations. (Source: CoinDesk, https://www.coindesk.com/policy/2025/03/07/sanctioned-russian-crypto-exchange-garantex-seized-operators-charged-with-money-laundering)

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