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    <p>Exved is a <a rel="dofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a>n firm that announced its launch yesterday, December 7th. The firm intends to enable <a rel="dofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a>s between <a rel="dofollow" title="Tether" href="https://thebittimes.com/tag/tether.html">Tether</a> (USDT), rubles, and the dollar. Sergey Mendeleev’s InDeFi Bank, a <a rel="dofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a>n bank, appears to have launched the project in collaboration with Exved. Mendeleev is also the <a rel="dofollow" title="found" href="https://thebittimes.com/tag/found.html">found</a>er of <a rel="dofollow" title="Garantex" href="https://thebittimes.com/tag/garantex.html">Garantex</a> with Stanislav Drugalev, an Office of Foreign Asset Control (OFAC) <a rel="dofollow" title="sanctioned" href="https://thebittimes.com/tag/sanctioned.html">sanctioned</a> entity.</p> 
    <p>Exved purports to only work with legal and compliant entities and is focusing its efforts on importers and exporters. In a since-deleted article from CoinTelegraph, Mendeleev claimed that the Exved’s mechanics have been approved by the Bank of Russia.&nbsp;</p> 
    <p>One of the largest counterparties of the Hydra darknet market was Garantex, the other cryptocurrency exchange that Mendeleev founded.&nbsp;The announcement from OFAC details how Garantex lost its license in Estonia after review by the authorities found “critical AML/CFT deficiencies and found connections between Garantex and wallets used for criminal activity.”</p> 
    <p>Mendeleev is also the chief executive for InDeFi Bank, a firm with experience in the stablecoin ecosystem working on a tokenized ruble. InDeFiBank is also led by Alexander Lebedev, a former KGB agent.&nbsp;</p> 
    <p>USDT has been an important tool for cross-border currency flows in <a rel="dofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a> for years. In 2019, millions of USDT were crossing the China-<a rel="dofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a> border every day, with firms such as Huobi <a rel="dofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a> describing how Chinese firms in <a rel="dofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a> <a rel="dofollow" title="found" href="https://thebittimes.com/tag/found.html">found</a> USDT to be one of the most effective tools to send value back to China.&nbsp;</p> 
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      <blockquote class="wp-embedded-content" data-secret="Tf6ZdGFI63">
       Examining Cumberland, Tether’s biggest client left standing
      </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“Examining Cumberland, Tether’s biggest client left standing” — Protos" src="https://protos.com/examining-cumberland-tethers-biggest-client-left-standing/embed/#?secret=sEjUd9kMks#?secret=Tf6ZdGFI63" data-secret="Tf6ZdGFI63" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe> 
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    <p>Read more: Tether gives FBI peek behind the curtain</p> 
    <p><br>Tether has recently enabled the United States law enforcement apparatus to have significantly greater access to its infrastructure, and those institutions may be interested in a Russian firm managing cross-border payments working with executives of already sanctioned firms.</p> 
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/russian-founder-of-sanctioned-exchange-garantex-starts-tether-desk-tbt73083.html">https://thebittimes.com/russian-founder-of-sanctioned-exchange-garantex-starts-tether-desk-tbt73083.html</a></p>

Russian founder of sanctioned exchange Garantex starts Tether desk

TheBitTimes

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