The Russian cryptocurrency exchange Garantex, previously sanctioned by the US and international regulators, seems to have found a way to continue its operations. According to data from the Swiss analytical company Global Ledger, the platform has been reborn under a new name — Grinex. This step, according to experts, is an attempt to bypass the imposed restrictions and maintain access to the digital asset market. The story of Garantex and its transformation into Grinex raises important questions about the regulation of the cryptocurrency sector and the effectiveness of international sanctions.
Garantex, one of the largest crypto exchanges in Russia, faced serious problems in early March 2025. On March 6, US, German, and Finnish authorities conducted a joint operation during which assets of the exchange worth over $26 million were frozen, and domains and servers of the platform were seized. This was part of efforts to crack down on activities related to money laundering, including operations with ransomware attacks and darknet markets. The US Treasury Department's Office of Foreign Assets Control (OFAC) included Garantex in the sanctions list as early as April 2022, accusing the exchange of facilitating illegal financial operations.
The culmination of the pressure was the decision of the stablecoin issuer Tether (USDT) to block Garantex wallets, which contained about $28 million. On the same day, the exchange announced a suspension of operations. However, as it turned out later, this was only a temporary lull before the relaunch.
According to a Global Ledger report published on March 19, 2025, Garantex did not completely cease its activities but began transferring liquidity and client deposits to the new platform — Grinex. Analysts found that over $60 million in ruble-based stablecoins A7A5 were 'laundered' via a burn and reissue process, allowing transaction histories to be erased. These funds were then directed to addresses linked to Grinex through temporary wallets, as confirmed by blockchain data.
By mid-March, Grinex had already processed transactions amounting to about $29 million, and as of now, according to CoinMarketRating data, the total trading volume on the platform has exceeded $68 million. Users also reported that previously blocked funds from Garantex began appearing in their Grinex accounts. A manager of the new platform confirmed that clients personally visited the Garantex office to transfer assets, indicating a close connection between the two entities.
Interestingly, the Grinex interface is almost identical to the one used on Garantex, and marketing materials on some Russian resources openly indicate the involvement of the Garantex team in creating the new exchange. This supports Global Ledger's conclusion that Grinex is not just a new platform but a direct continuation of the sanctioned exchange.
Screenshot of site: CoinMarketRating
The resurgence of Garantex as Grinex caused a mixed reaction in the cryptocurrency community. On one hand, users who retained access to their funds viewed this as a positive signal. On the other hand, experts and regulators are concerned that such maneuvers undermine the effectiveness of sanctions. Opinions divided on the platform X: some call it a 'brilliant system bypass,' while others urge authorities to tighten control over cryptocurrency operations.
'Blockchain does not forgive mistakes and does not hide traces. Data shows that Garantex and Grinex are linked not only financially but also operationally,' notes a representative of Global Ledger. However, the fact remains: despite the efforts of international bodies, such platforms continue to find loopholes to operate.
The Garantex and Grinex situation underscores the complexity of combating illegal activities in the cryptocurrency space. While US and EU authorities attempt to close access to such platforms, their operators demonstrate incredible flexibility, using blockchain's anonymity and weak coordination between jurisdictions. The arrest of one of Garantex's founders, Alexey Beschokov, in India on March 13, 2025, may slow the developments but is unlikely to stop Grinex entirely.
Experts believe that more stringent international standards and cooperation between countries are required for effective counteraction to such phenomena. Otherwise, the cryptocurrency market risks remaining a gray area where sanctions become just a temporary obstacle. Meanwhile, Grinex continues to gain momentum, and regulators are preparing for a new round of confrontation with the shadow players of the digital economy.