The Russian crypto exchange Garantex, previously sanctioned by the U.S., has resumed operations under a new brand name, Grinex. This follows reports of the transfer of funds and user accounts to the new platform.
Garantex History and Sanctions
Garantex was sanctioned by the U.S. Treasury in 2022 for allegedly facilitating illicit transactions. The European Union later imposed its own sanctions on February 24, 2025. Despite these restrictions, the exchange continued to operate, processing funds through sanctioned Russian banks to serve local users. Officially, Garantex shut down on March 6, shortly after Tether froze nearly 2.5 billion USDT in ruble-backed stablecoins.
Transition to the New Grinex Platform
A report from Swiss blockchain analytics firm Global Ledger claims that Garantex shifted its liquidity and customer balances to Grinex. On-chain and off-chain evidence links the two exchanges despite Garantex’s official shutdown. Grinex started receiving large transaction volumes soon after Garantex went offline, with incoming transfers surpassing $29 million by mid-March. Additionally, blockchain data showed systematic fund movements through one-time-use wallets before settling in Grinex’s deposit addresses.
Evidence Linking Grinex and Garantex
Beyond the financial trail, Global Ledger pointed to several indicators linking Grinex to Garantex. The Grinex website resembles Garantex’s interface, and promotional materials suggest Garantex’s founders created it in response to sanctions. CoinMarketRating, a Russian crypto-tracking platform, lists Grinex as founded by the same team behind Garantex. Some users have reportedly confirmed that previously blocked funds on Garantex were showing up in their Grinex accounts. A Grinex staff member admitted in private conversations that customers were physically visiting Garantex’s office to move funds between the two platforms.
Despite the official closure and imposed sanctions, Garantex successfully resumed operations under the name Grinex. This case underscores the importance of transparency and regulation in the cryptocurrency industry to prevent potential misuse.
