Tether Freezes $28 Million In USDT On Russian Exchange Garantex

According to CoinDesk, stablecoin issuer Tether has taken action to freeze $28 million worth of USDT on the Russian cryptocurrency exchange Garantex. This move comes amid ongoing tensions and regulatory scrutiny involving the exchange, which has been sanctioned by the European Union due to its alleged connections with the Russian government and criminal organizations. Garantex announced on Thursday via Telegram that it has temporarily suspended all its services. The exchange expressed its concerns over Tether's decision, stating, "Tether has entered the war against the Russian crypto market and blocked our wallets worth over 2.5 billion rubles." This development highlights the increasing pressure on Russian crypto platforms as international regulatory bodies intensify their oversight. The situation has raised alarms for users holding USDT in Russian wallets, as Garantex warned that these assets are now under threat. The exchange's statement emphasized its position as the first to face such actions, suggesting that other platforms might encounter similar challenges in the future. This incident underscores the complex dynamics at play in the global cryptocurrency market, where geopolitical factors and regulatory measures continue to shape the landscape.