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,” which allow them to quickly migrate clients, infrastructure and funds to successor platforms.Garantex was a key conduit used by…
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