The US and UK are reviewing more than $20 billion of cryptocurrency transactions that passed through a Russia-based virtual exchange, according to people familiar with the matter, as part of allied efforts to crack down on the sanctions evasion that’s supporting Vladimir Putin’s war in Ukraine.
The payments under scrutiny went through Moscow-based crypto exchange Garantex using the dollar-pegged cryptocurrency Tether, the people said, speaking on the condition of anonymity to discuss a matter that hasn’t yet been made public. The transfers have taken place since Garantex was sanctioned by the US and UK on suspicion of enabling financial crimes and illicit transactions in Russia, they said.