The European Union has sanctioned Russian cryptocurrency exchange Garantex, citing its close ties to sanctioned Russian banks and its role in facilitating activities that threaten global financial stability.
This is the first time the EU has sanctioned a crypto exchange, marking a historic step in international efforts to combat illicit financial flows from Garantex. The sanctions include asset-freeze restrictions and prohibition of engagement in transactions with the exchange.
The sanctions will restrict investor access to their funds, diminish trading capacity, and severely disrupt Garantex's operations, undermining its ability to operate.
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