The sanctioned Russian crypto exchange Garantex has reportedly resurfaced under a new name, Grinex, after transferring its funds, liquidity, and users to the platform, according to an investigation by Swiss blockchain analytics firm Global Ledger.
Evidence Linking Garantex to Grinex
Global Ledger’s report highlights both on-chain and off-chain evidence connecting the two exchanges:
- Liquidity and user balances from Garantex have been shifted to Grinex, despite Garantex’s official shutdown.
- Over $60 million in ruble-backed stablecoins (A7A5) were laundered through a burning and reminting process to erase transaction histories.
- By mid-March 2025, Grinex had already received over $29 million in large incoming transfers.
- Systematic fund movements through disposable wallets were observed before settling in Grinex deposit addresses.
- Users reported that previously blocked funds on Garantex appeared in their Grinex accounts.
- A Grinex staff member allegedly admitted that customers were physically visiting Garantex’s office to move funds between platforms.
Website and Promotional Material Similarities
Beyond financial data, Global Ledger also pointed to several branding similarities between the two platforms:
- Grinex’s website closely resembles Garantex’s interface.
- Promotional materials suggest Garantex’s founders created Grinex as a response to sanctions.
- CoinMarketRating, a Russian crypto-tracking platform, lists Grinex as being founded by the same team behind Garantex.
Garantex’s Sanction History and Shutdown
- April 2022: The U.S. Treasury sanctioned Garantex for allegedly facilitating illicit transactions.
- February 24, 2025: The European Union followed suit, imposing its own sanctions.
- March 6, 2025: Garantex officially shut down, just days after Tether froze 2.5 billion USDT in ruble-backed stablecoins.
- March 13, 2025: Indian authorities arrested Garantex co-founder Aleksej Bešciokov, who now awaits extradition.
Despite international sanctions, Garantex reportedly continued to operate by processing funds through sanctioned Russian banks. The emergence of Grinex raises concerns that the platform is an attempt to bypass restrictions and continue business under a new identity.
Authorities are expected to closely monitor Grinex’s operations as investigations continue.
