In a historic move, the European Union has imposed sanctions on the Russian cryptocurrency exchange Garantex. This step is largely attributed to the Garantex’s connections with sanctioned Russian banks and its role in facilitating activities that pose a threat to global financial stability.

Garantex Under the Spotlight: A Cause for Concern

Garantex has faced similar sanctions from the UK and the US previously, marking the EU’s action as a significant escalation. The EU’s sanctions involve asset-freeze restrictions, prohibition of transactions involving Garantex, and listing of known blockchain wallet addresses linked to Garantex.

Cryptocurrency Security: Are Exchanges Safe?

Garantex, being a centralized exchange, offers convenience, but at the same time exposes users to the risk of having their funds frozen in unexpected situations like sanctions. Other risks include potential security breaches, exchange failures, and regulatory uncertainties.

Is Best Wallet the Solution?

Non-custodial wallets like Best Wallet seem to offer a safer alternative. They allow users to maintain control over their private keys and rely less on third-party security measures. Best Wallet’s token, $BEST, is seen as a potential investment for long-term gains.

With advanced security measures, Best Wallet ensures protection of user funds, making $BEST an attractive crypto investment. Currently, $BEST is valued at $0.024225 with a total raised amount of $10.8M, showing promising growth despite recent market dips. Non-custodial wallets like Best Wallet are unaffected by events like the recent Garantex sanctions, providing safer storage for crypto assets.