U.S. Intensifies Crackdown on Russian Crypto Exchange Garantex, Offers $6 Million Reward for Leaders’ Arrest
Washington, D.C., August 14, 2025 – The U.S. Department of State, in a coordinated international law enforcement effort, announced expanded sanctions and financial rewards targeting the Russian cryptocurrency exchange Garantex, its successor Grinex, and affiliated leaders accused of facilitating illicit transactions including ransomware proceeds. The total reward offering has been set at up to $6 million for information leading to the arrest or conviction of key figures behind these operations.
The Treasury Department’s Office of Foreign Assets Control (OFAC) re-designated Garantex under sanctions after accusing its operators of processing more than $100 million in illicit cryptocurrency transactions dating back to 2019. This move follows earlier coordinated actions taken in March 2025 in partnership with German and Finnish law enforcement, which involved the seizure of Garantex’s websites and freezing of over $26 million in cryptocurrency associated with the platform.
Disruptive Measures and Arrests
On March 6, 2025, the U.S. Secret Service seized three domain names central to Garantex’s operations — including Garantex.org and Garantex.io. These seizures halted the platforms’ online presence, preventing their use for money laundering and sanctions evasion. Shortly thereafter, indictments were unsealed against key executives Aleksandr Mira Serda, a Russian national and co-founder and chief commercial officer of Garantex, and Aleksej Besciokov, a Lithuanian national. Besciokov was arrested in India while on vacation, underscoring the global reach of the enforcement effort.
Authorities also sanctioned additional key individuals associated with Garantex, including Sergey Mendelev, co-founder, and Pavel Karavatsky, co-owner and regional director. Despite the disruption, Garantex attempted to evade sanctions by moving customers and assets to its successor exchange Grinex, which has now also been sanctioned.
Reward Offers to Aid Law Enforcement
The U.S. Department of State announced two reward offers as part of the Transnational Organized Crime Rewards Program (TOCRP). A reward of up to $5 million is available for information leading to the arrest and/or conviction of Aleksandr Mira Serda. An additional reward of up to $1 million is offered for information identifying other key figures involved in Garantex’s illicit activities.
Broader Context in Crypto Regulation
This crackdown fits within a broader U.S. approach to cryptocurrency oversight, emphasizing anti-money laundering (AML) and countering financing of terrorism (CFT) measures. Cryptocurrency platforms in the U.S., including exchanges, custodians, and wallet providers, must comply with stringent AML obligations and reporting requirements, such as collecting personal information on transactions over $3,000 under the Travel Rule enforced by the Financial Crimes Enforcement Network (FinCEN).
As of 2025, regulatory agencies like the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) are also intensifying scrutiny of crypto platforms to prevent exploitation for illicit purposes. The Garantex case exemplifies these enforcement dynamics, illustrating international cooperation to disrupt criminal use of cryptocurrency infrastructure.
International Partnership and Impact
The enforcement action against Garantex was carried out in partnership with the U.S. Secret Service’s Cyber Investigative Section, Federal Bureau of Investigation, and law enforcement authorities from Germany and Finland. This unified operation highlights an increasing global resolve to clamp down on crypto-enabled criminal networks, particularly those facilitating ransomware payments and sanctions evasion.
Michael Centrella, Assistant Director of the U.S. Secret Service Office of Field Operations, stated: “The seizure of website domains associated with Garantex’s operations and the freezing of over $26 million in cryptocurrency strikes a serious financial blow to cybercriminals worldwide.”
The latest sanctions and prize offerings mark a significant milestone in the U.S. government’s efforts to hold cryptocurrency actors accountable and impede the illicit use of digital assets on a global scale.
Reported by Perplexity News Service.