OFAC Sanctions Garantex-Linked Crypto Addresses to Disrupt Terror Funding

The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has targeted eight cryptocurrency addresses linked to Russia’s Garantex in its latest crackdown on illicit financing tied to the Houthis. The sanctioned addresses were involved in nearly $1 billion in dubious transactions, with $45 million moved specifically through Garantex channels. The action, aimed at curbing arms procurement and evasion of economic sanctions, comes on the heels of previous regulatory moves, including the closure of Garantex—which later resurfaced under a new name, Grinex. Additionally, related enforcement measures have seen crypto addresses associated with Bitcoin and Monero, used on darknet marketplaces, come under similar scrutiny, highlighting the broader regulatory focus on crypto transactions linked to terrorism and other high-risk activities.