Is Sanctioned Exchange Garantex Back as Grinex?

Russian crypto exchange Garantex, which was shut down due to US and EU sanctions, may have relaunched operations under the name Grinex, according to Swiss blockchain analytics firm Global Ledger. Reports reveal millions in ruble-backed stablecoins transferred to this new exchange.

Garantex Shutdown, but Fund Movements Continue

After the US Treasury Department’s OFAC sanctioned Garantex in April 2022, and froze $27 million in USDT on March 6, 2025, the exchange halted all operations. Despite these actions, Global Ledger reports that Garantex shifted its remaining funds to Grinex.

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By March 13, 2025, over $60 million worth of ruble-backed A7A5 stablecoins had been laundered through wallet transactions and moved to Grinex. Analysts note that these transactions aimed to clean the asset trail and relaunch operations under a new identity.

Is Grinex Just a New Face of Garantex?

Global Ledger‘s findings indicate that Grinex is directly connected to Garantex, both on-chain and off-chain. Transaction patterns, wallet reuse, and user behaviors strongly link the two exchanges.

Furthermore, CoinMarketRating lists Grinex as a project by Garantex‘s original team, reinforcing claims that it is not an independent platform but a direct continuation of Garantex’s operations.

Transaction Volume Surpasses $68 Million

By mid-March, Grinex had surpassed $68 million in total trading volume, including over $2 million in spot market trades. This activity suggests that Garantex’s previous users have migrated to Grinex, continuing to trade despite sanctions.

On March 12, 2025, Aleksej Bešciokov, allegedly responsible for managing Garantex, was arrested in India by the Central Bureau of Investigation. He faces US charges, including conspiracy to commit money laundering.

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