Garantex processed about $96 billion between 2019 and 2025, a report says. Law enforcement raids in March 2025 targeted its servers and domains. One successor, Exved, is led by Garantex co-founder Sergey Mendeleev. Though officially registered as a domestic “payment facilitator,” Exved operates from Moscow City, letting Russian clients pay in rubles while foreign partnn is paid in U.S. dollars. The report says at least $1.3 billion tied to criminal activity was processed.
Source: OCCRP, 2025-09-11; https://www.occrp.org/en/news/from-moscow-to-dubai-garantexs-crypto-network-survives-sanctions