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Garantex, a Russian cryptocurrency exchange previously sanctioned by the United States, has reportedly resumed operations under the new name Grinex. According to findings from a Swiss blockchain analytics firm, the exchange has allegedly shifted its funds and user balances to the new platform.

Reported Fund Transfers and Liquidity Shift

A report by Global Ledger, a blockchain analytics firm, claims that Garantex transferred its liquidity and customer balances to Grinex, citing both on-chain and off-chain evidence to support the connection between the two exchanges. Despite Garantex’s official shutdown, these activities suggest continued operations under the new branding.

Global Ledger’s analysis revealed that over $60 million worth of ruble-backed stablecoins, labeled A7A5, were laundered through a process involving token burning and reminting. This method effectively erased transaction histories, allowing the funds to be transferred to Grinex with clean records. These actions likely enabled the new platform to operate without immediate scrutiny.

Transaction Volumes Indicate Activity

Blockchain data shows that Grinex began receiving significant transaction volumes shortly after Garantex ceased operations. By mid-March, incoming transfers to Grinex had exceeded $29 million. Additionally, systematic fund movements were observed through one-time-use wallets before settling in Grinex deposit addresses.

Some users have reportedly confirmed that previously blocked funds on Garantex appeared in their Grinex accounts. In private conversations, a Grinex staff member allegedly admitted that customers were physically visiting Garantex’s office to facilitate fund transfers between the two platforms.

Similarities Between Grinex and Garantex

Beyond financial connections, several other indicators suggest a link between Grinex and Garantex. The website interface of Grinex is reportedly similar to that of Garantex, and promotional materials indicate that Grinex was created by the same founders as Garantex in response to sanctions.

“The website design and promotional efforts strongly resemble Garantex’s branding, implying continuity despite the sanctions.” – Global Ledger Report

Additionally, CoinMarketRating, a Russian cryptocurrency tracking platform, lists Grinex as being established by the same team behind Garantex. This further solidifies the connection between the two exchanges.

Background on Garantex’s Sanctions

Garantex was sanctioned by the U.S. Treasury in 2022 for allegedly facilitating illicit transactions. The European Union followed suit with its own sanctions on February 24, 2025. Despite these measures, Garantex continued operating, reportedly processing funds through sanctioned Russian banks to serve local users.

The exchange officially shut down on March 6, shortly after Tether froze nearly 2.5 billion USDT in ruble-backed stablecoins. Within a week of the shutdown, Indian authorities arrested Garantex co-founder Aleksej BeΕ‘ciokov, who now awaits extradition proceedings.

Key Takeaways for Cryptocurrency Investors

For investors and enthusiasts in the cryptocurrency space, this development sheds light on the risks and complexities of navigating exchanges tied to geopolitical and regulatory issues. Here are some tips to consider:

  • Research thoroughly: Before using any cryptocurrency platform, investigate its background, founders, and reputation.
  • Monitor regulatory updates: Changes in sanctions or regulations can impact exchange operations and fund accessibility.
  • Use reputable exchanges: Stick to well-established platforms with transparent operations and compliance records.
  • Stay informed: Keep an eye on news and reports from reliable blockchain analytics firms to identify potential risks.

As the cryptocurrency industry evolves, understanding the implications of regulatory actions and their impact on exchanges is crucial for protecting investments and ensuring compliance.

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