Garantex Has Used Backup Crypto Exchanges to Evade Sanctions Before

Cryptocurrency exchange Garantex Europe, which was sanctioned on Thursday, may already have a contingency plan allowing it to skirt the impact of the US actions, blockchain intelligence firm TRM Labs said. 

On Thursday, the US Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Garantex a second time, along with its successor, Grinex. 

However, TRM Labs said in a report on Thursday that the sanctions may be ineffective, as entities like Garantex “appear to prepare contingency plans well in advance of anticipated enforcement measures,”…