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Garantex, a sanctioned crypto exchange, has stopped operations after Tether froze $27 million worth of USDT on the platform. The exchange cited Tether’s decision as the reason for suspending crypto trading and withdrawals. Garantex warned that this could set a precedent for other Russian USDT holdings. US and EU authorities are investigating Garantex for allegedly helping Russia bypass financial restrictions. Tether has not provided an official response.
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