Garantex represents a critical example of how cryptocurrency exchanges can become central hubs for global illicit financial flows, particularly within Russia’s cybercrime and money laundering ecosystem. Established in 2019 and originally registered in Estonia, Garantex quickly evolved into a high-risk platform deeply involved in laundering ransomware proceeds, darknet market transactions, and other criminal proceeds exceeding billions of dollars. Despite regulatory interventions including the revocation of its license and international sanctions led by the U.S. Treasury’s OFAC, the exchange managed to continue operations through successor platforms and sophisticated evasive measures such as frequent wallet changes and cross-border shell companies. Its entanglement with sanctioned Russian cybercriminal groups and ties to politically exposed persons underline the ongoing challenges authorities face in curtailing the abuse of digital asset platforms for illicit purposes. The case of Garantex underscores the importance of coordinated global enforcement and robust AML frameworks to mitigate the risks posed by such exchanges to international financial integrity and security.​
Garantex, founded in 2019 and operating primarily from Russia despite initial Estonian registration, became a notorious cryptocurrency exchange facilitating money laundering on a massive scale. It served as a laundering conduit for proceeds from ransomware attacks, darknet markets, narcotics trafficking, sanctions evasion, and terror financing predominantly linked to Russian illicit actors. Even after losing regulatory approval and facing sanctions, Garantex continued operations through successor platforms and evasive techniques, moving over $1.3 billion in illicit cryptocurrency through complex laundering schemes involving multiple countries and criminal networks. International law enforcement efforts in 2025 led to domain seizures, arrests of key personnel, and freezing of assets, disrupting its laundering infrastructure but underscoring ongoing challenges in tackling Russian-affiliated cybercrime and illicit crypto finance.​
