US and UK probe Russian crypto exchange after it facilitated $20 billion in USDT transfers 

The US and the UK are probing Garantex, a Russian crypto exchange after it facilitated $20bn worth of tether transfers.

Officials from both countries are said to be interested in the USDT transactions that occurred on the platform after it was sanctioned by the US Department of Treasury in April 2022. 

According to Bitcoin News, the $20bn worth of tether transactions represented the highest breach of sanctions imposed on Russia after it invaded Ukraine in February 2022. 

The transfers also highlight the difficulty in restricting money from flowing into Russia after it has been sanctioned by Western forces. 

Digital currencies and crude oil sales are believed to be the largest source of foreign exchange for Russia. The Russian government has managed to keep the country’s economy afloat despite the sanctions through these two major sources of foreign exchange.