Tether freezes sanctioned Russian exchange Garantex worth $28 million in USDT

Odaily Planet Daily News: On March 6th, Tether, the stablecoin issuer, froze approximately $28 million (250 million rubles) of USDT from the sanctioned Russian cryptocurrency exchange Garantex, causing the platform to suspend operations. Garantex stated in an official announcement that it has temporarily suspended and closed its withdrawal function, and its website is currently under maintenance. The freeze action occurred after the EU imposed a new round of sanctions on Garantex on February 26th. Garantex warns users that 'USDT in all Russian wallets is currently at risk'. The platform emphasizes that it will not give up and will continue to fight. Garantex was included in the sanctions list by the Office of Foreign Assets Control (OFAC) of the US Treasury Department as early as April 2022. Tether has not yet responded to the freeze decision.