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Investing.com -- Garantex, a Russian cryptocurrency exchange, reported on Thursday that stablecoin Tether had blocked digital wallets on its platform, which held more than 2.5 billion roubles ($28 million). This move forced the exchange to halt operations, just days after it was subjected to EU sanctions.
The European Union included Garantex in its 16th set of sanctions against Russia on February 24, due to the ongoing conflict in Ukraine. The EU accused the cryptocurrency exchange of having close ties with EU-sanctioned Russian banks and facilitating the evasion of EU sanctions.
In a message on Telegram, Garantex announced, "We have bad news. Tether has entered the war against the Russian crypto market." The exchange stated that it was temporarily suspending all services, including cryptocurrency withdrawals.
Garantex expressed its determination to continue, stating, "We are fighting and will not give up." The exchange also warned that all Tether (USDT) held in Russian wallets is now at risk.
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