After Tether froze approximately $27 million in USDT stablecoins related to the platform, the cryptocurrency exchange Garantex suspended trading and withdrawal services.
The stablecoin operator Tether has frozen $27 million in USDT on the sanctioned Russian cryptocurrency exchange Garantex, forcing the platform to suspend operations.
On March 6, Garantex wrote in its official announcement channel on Telegram: "Tether has joined the war against the Russian cryptocurrency market and has frozen our wallets worth over 2.5 billion rubles ($27 million)."
The exchange stated that it has suspended all services, including withdrawals, and its website is currently under maintenance.
Shortly before this announcement, the European Union included Garantex in the 16th round of sanctions against "Russia's aggression against Ukraine" on February 26.
All USDT in Russian wallets are currently under threat.
In announcing this news, Garantex warned its users: "All USDT in Russian wallets are currently under threat."
The announcement also added: "We will fight to the end and will never give up."
Source: Telegram
The EU's sanctions against Garantex were implemented three years after the outbreak of the Russia-Ukraine conflict.
The EU stated: "The Council of the European Union has decided for the first time to impose sanctions on a cryptocurrency exchange based in Russia, Garantex, which has close ties to Russian banks sanctioned by the EU."
U.S. regulators were among the first to announce sanctions against Garantex, with the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) sanctioning Garantex in April 2022.
Cointelegraph reached out to Tether regarding the decision to freeze Garantex's wallets but had not received a response by the time of publication.
Related: Bitwise applies to launch a spot Aptos ETF—cryptocurrency ranked 36th by market capitalization.
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