Garantex Pledges to Compensate Clients for Frozen Crypto Assets

The exchange Garantex has announced the commencement of negotiations with users regarding the compensation of assets frozen at the behest of Tether. This was stated in a press release provided to ForkLog.

Representatives of the platform declared that “despite the unprecedented nature of the situation, the company does not shirk its obligations to its users.”

“Garantex intends to fully compensate the frozen user assets using available assets within the Russian Federation through a procedure similar to the rehabilitation of financial institutions,” the press release states.

The terms of payment will be agreed upon individually. Residents of Moscow are invited to personal meetings at the Garantex office, while clients from other regions will soon have access to a “secure remote solution.”

In March, the US Department of Justice confirmed the blocking of the exchange’s domains and the freezing of $26 million in its wallets. Representatives of the department thanked Tether and Elliptic for their “active assistance in the investigation.”