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The U.S. and U.K. are probing over $20B of cryptocurrency transfers to Garantex, a sanctioned Moscow, Russia-based virtual currency exchange, using dollar-pegged stablecoin tether (USDT-USD), according to a media report dated Thursday.
The move is part of allied efforts to clamp down on the evasion of sanctions supporting Russia’s war in Ukraine.
The Garantex-related transfers have occurred since the exchange was sanctioned by the U.S. and U.K. due to suspicions of facilitating financial crimes and illicit transactions within Russia, Bloomberg reported, citing people familiar with the matter.
The inquiries are ongoing, the article said, and no immediate indication of wrongdoing by Tether Holdings was suggested.
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