Japan Sanctions Garantex Over $96 Billion in Crypto Transactions

Japan has imposed sanctions on the Russian cryptocurrency exchange Garantex, which processed over $96 billion in transactions between 2019 and 2025. The move freezes the assets of Garantex and 32 other entities, as well as nine individuals. The sanctions also extend to services involving 35 ships identified as part of a Russian 'shadow fleet' transporting oil.

The shutdown of Garantex in 2025 did not put an end to allegations surrounding the movement of funds associated with the exchange. Its operators allegedly transferred customer funds to a new cryptocurrency exchange called Grinex.

The inclusion of Garantex in Japan's sanctions follows its previous designation by U.S. authorities over alleged money laundering involving ransomware and darknet funds.

The sanctions against Garantex and related entities demonstrate Japan's efforts to disrupt cryptocurrency services accused of facilitating illicit transactions.