Did Russia Bypass Sanctions with Cryptocurrency: UK and US Investigating!

UK and US are investigating a $20 billion transfer by a Russia-based cryptocurrency exchange. According to Bloomberg’s report on March 28th, US and UK are investigating a Russia-based cryptocurrency exchange’s $20 billion cryptocurrency transactions. Sources say that the payments under scrutiny were made using Tether through Moscow-based cryptocurrency exchange Garantex. The transfers are reported to have occurred following the US and UK sanctions amid allegations that Garantex facilitated illegal operations in Russia. The US Government has been trying to crack down on cryptocurrency exchanges in the country since the tension between Russia and Ukraine. Sources suggested that the $20 billion transaction could be the largest one since the sanctions against Russia. The report also mentioned the difficulty of tracking cryptocurrency sanctions.