Grinex, a new player in the cryptocurrency market, has emerged as a successor to the closed exchange Garantex, facilitating $1.66 billion since its inception. These developments raise concerns among regulators and industry experts.
Grinex and Its Operations
Grinex, inheriting the established infrastructure from Garantex, has facilitated $1.66 billion in cryptocurrency assets since its inception. According to Global Ledger, this is associated with significant liquidity movements. "The connections between Garantex and Grinex are supported by numerous off-chain signs indicating a close relationship between the two platforms," said Lex Fisun, CEO of Global Ledger. Notably, Grinex's trading volume exceeded $40 million within just two weeks of operation.
Regulators' Response
Experts highlight concerns regarding Grinex's operations, linking large fund transfers to potential market volatility. These flows have raised eyebrows among regulators tracking illicit avenues for crypto movement and potential ways to evade sanctions. The financial implications of these ongoing operations are significant, underscoring the challenges in shutting down platforms for illicit use.
Legacy of Closed Exchanges
Past cases like BTC-e illustrate how closed exchanges attempt to rebrand, prompting similar enforcement actions. According to Kanalcoin experts, data from these cases suggest that rapid operational transitions post-sanction expose weak regulatory areas.
The situation with Grinex highlights ongoing challenges in sanction enforcement and the stability of the cryptocurrency market. The successes and failures of regulators in this area may significantly impact the future of the crypto industry.
