U.S. Strikes Russian Crypto Exchange Garantex in $96 Billion Money Laundering Crackdown

U.S. Authorities Target Russian Crypto Exchange Garantex

In a significant crackdown on illicit cryptocurrency activities, the U.S. Secret Service, in collaboration with German and Finnish law enforcement, has seized three domains associated with the Russian cryptocurrency exchange Garantex. The exchange, which has processed over $96 billion in transactions since 2019, is accused of facilitating money laundering for cybercriminals, including ransomware groups like Black Basta and Conti. Additionally, $26 million in cryptocurrency assets linked to Garantex were frozen. The U.S. Department of Justice has unsealed indictments against Aleksej Besciokov and Aleksandr Mira Serda, alleged administrators of the platform, for their roles in laundering criminal proceeds. According to the Secret Service, this operation delivers a "serious financial blow to cybercriminals worldwide." (Source: The Register, United States Secret Service)

Kraken Eyes IPO Amid Regulatory Shifts

Cryptocurrency exchange Kraken is preparing for an initial public offering (IPO) by the first quarter of 2026, citing a more favorable regulatory environment under the Trump administration. The Securities and Exchange Commission (SEC) recently dropped its lawsuit against Kraken, clearing the path for the company to explore public markets. Kraken, which reported $1.5 billion in revenue and $380 million in adjusted earnings in 2024, has been expanding its services globally. The exchange, founded in 2011, is ranked as the tenth-largest globally by trading volume. Other crypto firms, including Circle and Bullish, are also considering IPOs in the near future. (Source: CoinDesk, Yahoo Finance)

Trump Administration Declares Support for Cryptocurrency

President Donald Trump has announced a series of measures to bolster the cryptocurrency industry, including the establishment of a "Strategic Bitcoin Reserve" to hold seized digital assets. During the first-ever White House "Crypto Summit," Trump pledged to end what he described as the federal government's "war on crypto" under the previous administration. The summit featured executives from major crypto firms, including Coinbase and Kraken, who praised the administration's pro-crypto stance. Additionally, the SEC has paused or dismissed several enforcement actions against crypto companies. Trump’s initiatives aim to position the U.S. as a global leader in digital assets. (Source: The Washington Post, PBS NewsHour)

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