Russian cryptocurrency exchange Garantex has temporarily suspended all its services after Tether froze $28 million worth of USDT held on the exchange. The announcement came via a Telegram post from Garantex on March 6,

"Tether has entered the war against the Russian crypto market and blocked our wallets worth over 2.5 billion rubles," Garantex said.

Stablecoin operator Tether has revealed that it has frozen $27 million in USDT on the sanctioned Russian crypto exchange, Garantex. The cryptocurrency exchange has also suspended all its trading and withdrawal services.

Tether froze over $28M in Garantex wallets, forcing the Russian exchange to halt withdrawals amid growing regulatory scrutiny.

Russian cryptocurrency exchange Garantex on Thursday said stablecoin Tether had blocked digital wallets on its platform holding more than 2.5 billion roubles ($28 million), forcing it to suspend operations days after coming under EU sanctions.

Garantex, a crypto exchange accused of laundering billions for criminal and terrorist organizations, was shut down by the US Department of Justice, Germany, and Finland.

The U.S. Secret Service seized the website of the Russian exchange Garantex in collaboration with the FBI, Europol, and the Department of Justice’s Criminal

Sanctioned Russian crypto exchange Garantex is announcing the suspension of its operations after Tether blocked its platform's wallets.