- Crypto exchange Garantex has rebranded as Grinex following international sanctions
- Significant liquidity, including ruble-backed stablecoins, has been transferred to Grinex-controlled wallets
- Both on-chain and off-chain data indicate that Grinex is a direct successor to Garantex
In the wake of international sanctions and law enforcement actions, Russian cryptocurrency exchange Garantex has rebranded itself as Grinex. This transformation involves the transfer of substantial assets, including all of Garantex’s holdings of the ruble-backed stablecoin A7A5, to wallets under Grinex’s control. Analysis from blockchain analytics firms reveals clear links between the two entities, suggesting that Grinex is effectively a continuation of Garantex under a new name.
Sanctioned for Facilitating Money Laundering
Garantex faced sanctions from the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) in April 2022 for allegedly facilitating money laundering activities. The exchange was accused of processing illicit funds for ransomware groups and darknet markets.
Earlier this month, a coordinated operation involving U.S., German, and Finnish authorities led to the seizure of Garantex’s domains and servers, effectively ceasing its operations, with the exchange being sanctioned in the European Union, too. Indian law enforcement agencies apprehended Aleksej Bešciokov, a Lithuanian national and co-founder of Garantex, while he was on vacation in Kerala two weeks ago.
Grinex Emerges From the Rubble
Despite these enforcement actions, reports indicate that Garantex has resurfaced as Grinex. Swiss blockchain analytics firm Global Ledger uncovered that significant liquidity, including over $60 million worth of the ruble-backed stablecoin A7A5, was transferred from Garantex to Grinex-controlled wallets. This movement of funds, along with similarities in user interfaces and operational patterns, suggests a direct link between the two exchanges:
⚠️ Global Ledger has identified that the shuttered Russian crypto exchange #Garantex has rebranded as Grinex.
New name – same risks. 🔗Read more at @CoinDesk: https://t.co/8eak4S3PgL#Sanctions #Crypto #Grinex #blockchainnews
— Global Ledger (@GlobalLedger) March 24, 2025
The rapid rebranding of Garantex to Grinex underscores the challenges faced by regulatory authorities in enforcing sanctions within the cryptocurrency industry. The decentralized and pseudonymous nature of digital assets allows entities to rebrand and continue operations despite previous enforcement actions.
It remains to be seen what action, if any, OFAC can or will take against Grinex before it begins inevitably facilitating money laundering again.
