OFAC Sanctions Garantex-Linked Crypto Addresses to Disrupt Terror Funding
03.04.2025 12:10
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.
The sanctioning action increases regulatory scrutiny over crypto transactions, which may put short-term downward pressure on Bitcoin as institutional investors reassess risk. Historical regulatory crackdowns on Bitcoin have led to temporary dips before the market stabilizes. Factors such as the credibility of OFAC’s measures and the large volumes involved weigh on the sentiment, making an immediate decline likely, though long-term prospects could stabilize if regulatory frameworks are seen as strengthening market integrity.
Monero could face heightened volatility due to its inherent privacy features, which attract regulatory concerns. The news intensifies fears over potential misuse of privacy coins, likely resulting in a sharper short-term drop compared to more regulated assets. Historical trends have shown that increased regulatory focus on privacy-centric cryptocurrencies often triggers immediate selling pressure. However, sustained demand from privacy advocates could cushion long-term impacts if the coin is seen as essential for secure, private transactions.
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