The United States and the United Kingdom are investigating more than $20 billion in USDT transactions through Russian crypto exchange Garantex. The transactions are understood to have taken place after Garantex was sanctioned by the United States and the United Kingdom for allegedly facilitating financial crimes in Russia. People familiar with the matter said the investigation is ongoing. Given the complexity and opacity of cryptocurrency trading, it is too early to predict conclusions. There is currently no indication of wrongdoing by Tether Holdings. Earlier this month, Garantex said it was actively working with European and U.S. authorities to prevent the exchange from being used for illegal activities. Garantex was founded in Estonia in 2019, but the U.S. government says most of its operations are now based in Moscow.