Japan Sanctions Garantex Over $96 Billion in Crypto Transactions

Japan sanctioning Russian crypto exchange Garantex over more than $96 billion in crypto transactions, with alleged links to Grinex.

Japan has sanctioned the Russian cryptocurrency exchange Garantex, which processed more than $96 billion in crypto transactions between 2019 and 2025, according to Coin Bureau.

The measures freeze the assets of Garantex and 32 other entities, as well as nine individuals. Japan also banned services Russian oil, according to the information shared by Coin Bureau.

The action came a day after Russian President Vladimir Putin offered what he described as “mutually beneficial” ties, according to the post.

Garantex Targeted by Japanese Sanctions

Garantex processed more than $96 billion worth of cryptocurrency between 2019 and 2025, making the exchange a significant part of the transaction activity cited in the sanctions announcement.

The platform had previously been targeted by the United States over allegations that it was used to launder proceeds connected to ransomware and darknet activity. The sanctions against Garantex therefore extend an existing campaign by authorities against cryptocurrency infrastructure accused of facilitating illicit financial flows.

Japan’s measures broaden the list of entities affected by the latest action, with Garantex included alongside 32 other entities and nine individuals whose assets were frozen.

The restrictions also extend beyond cryptocurrency. Japan imposed service bans involving 35 ships identified as part of a Russian “shadow fleet” transporting oil, according to Coin Bureau.

Garantex Operations and Grinex

Garantex was shut down in 2025 by authorities led by the United States, according to the Coin Bureau post. The action, however, did not end allegations surrounding the movement of funds associated with the exchange.

Its operators allegedly transferred customer funds to a new cryptocurrency exchange called Grinex. The allegation adds another layer to the enforcement action, as authorities continue to examine whether crypto activity associated with sanctioned Russian-linked networks has shifted to other platforms.

The reported transition from Garantex to Grinex also illustrates the challenge faced by authorities when attempting to disrupt cryptocurrency services accused of facilitating illicit transactions. However, the source does not provide details on the current status, ownership structure or transaction volume of Grinex.

Japan Expands Measures Against Russian-Linked Entities

Japan’s action combines cryptocurrency-related sanctions with measures targeting entities and vessels connected to Russia’s oil trade. The inclusion of Garantex follows its previous designation by U.S. authorities over alleged money laundering involving ransomware and darknet funds.

For the cryptocurrency sector, the key figure cited by Coin Bureau is the more than $96 billion in crypto processed by Garantex from 2019 through 2025. The exchange’s subsequent shutdown and the reported movement of customer funds to Grinex leave the activities of successor markets platforms under continued scrutiny.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.

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