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Compliance policy

Realizing its role as a major player in the Russian cryptocurrency market, Garantex leads the way in exercising self-regulation for the Russian crypto industry. 

Our business is built on the following principles: 

  • Ensure utmost security of transactions for our users,
  • Manage users’ remaining account balance in a conservative way (storage rather than investment),
  • Know Your Customer, and Know Your Transactions (build a necessary KYC and KYT framework),
  • Work together with the regulators to foster a mature cryptocurrency market and to ensure protection of users’ rights to their lawful property (i.e. crypto assets),
  • Cooperate with Russian and international law enforcement authorities to investigate and prevent blockchain crime. 

We follow FATF guidelines and Russia’s Federal Law No. 115-FZ “On Combating Money Laundering and Terrorist Financing” in our efforts to ensure user security and legal compliance in cryptocurrency transactions, including the following policies: 

  • Verify the identities of users of the Exchange and the P2P Platform (KYC), 
  • Verify wallets and transactions (KYT),
  • Selectively verify the origin of funds for fiat deposits, 
  • Build AML/FT procedures, processes and policies, and continuously improve such procedures, processes and policies, 
  • Organize and continuously upgrade Security and Compliance teams tasked with, inter alia, detecting and preventing illicit transactions and assisting in investigating crimes that involve public blockchain transactions, 
  • Bar Politically Exposed Persons (i.e. public officials) from using the Exchange and the P2P Platform. 

To implement these policies, we collaborate with Russia’s leading KYC service providers authorized to process personal data under Federal Law No. 152 “On Personal Data”. We do KYT analytics ourselves using our own databases and algorithms for identifying illicit transactions and tainted wallets, as well as outsource it to some of Russia’s top blockchain analytics companies. 

We would like to send a public message to international AML companies: We are willing to work hand in hand with you to detect and prevent cryptocurrency-related crimes, as well as to mitigate such crimes and help crime victims recover their crypto assets as quickly as possible. 

We encourage our users to support our anti-scam initiatives by following our safety guidelines for P2P trading, reporting to Technical Support any suspicious activity encountered on the Platform or via messenger apps or social media, and sharing information about legal and secure ways of trading on the P2P market. 

We provide our users free access to training materials produced by the Garantex Academy and to regular AMA sessions on relevant topics in order to help share information about the working principles of blockchain, cryptocurrencies, wallets and crypto exchanges, and about the security protocols for cryptocurrency transactions and storage.  

In the event that our infrastructure is used for unlawful purposes by criminals, we provide all relevant information to Russian law enforcement, and to police authorities in other countries via INTERPOL. Any information we disclose is shared strictly upon the receipt of a subpoena, warrant or other court order in accordance with Russian law. 

We work actively to help restore stolen assets to their rightful owners. 

Please feel free to contact us. 

Compliance, KYT collaboration: compliance@garantex.org

Engagement with industry associations, requests for comment from media organizations: info@garantex.org