US Increases Pressure: Sanctions Against Russian Crypto Exchange Grinex as Successor to Garantex
OFAC Sanctions Introduction
The US Department of the Treasury's Office of Foreign Assets Control (OFAC) announced sanctions against the crypto exchange Grinex, which it considers the successor to the earlier closed platform Garantex. According to official statements, Garantex, closed in March 2025, was involved in processing illegal transactions totaling more than $100 million, including money laundering by cybercriminals. Grinex was created to circumvent previous sanctions imposed on Garantex in 2022 and continued to facilitate billions of dollars in cryptocurrency transfers.
Details on Grinex and Related Structures
Grinex is accused of supporting sanctions evasion and laundering funds obtained from ransomware groups such as Conti, Black Basta, and LockBit that attacked American companies. Sanctions also include the Kyrgyz firm Old Vector as the issuer of the A7A5 ruble stablecoin; the A7 platform for cross-border transfers; DeFi service provider InDeFi Bank; and the Exved payment system. These organizations supposedly form a network to bypass restrictions, with A7A5 transaction volumes totaling $51 billion.
Sanctioned Individuals
OFAC has sanctioned key figures: Garantex co-founder Sergey Mendeleev; co-owners Alexander Mira Serdu and Pavel Karavatsky; and other executives associated with the platforms. The US Department of State announced rewards: up to $5 million for information leading to the arrest of Mira Serdu, and $1 million each for Mendeleev, Karavatsky, and others.
Impact on the Crypto Market: Expert Analysis
As a crypto market analyst, I note that such sanctions highlight the growing focus of regulators on decentralized networks to combat illicit finance. However, according to TRM Labs, previous measures against Garantex did not lead to a complete cessation of operations — the exchange activated contingency plans and continued to operate. New sanctions may further fragment the global crypto market, prompting users to shift to unregulated platforms, but their effectiveness is in question due to enforcement challenges. This may affect ruble stablecoins and the Russian sector, reducing liquidity but encouraging the development of alternative blockchain instruments.