Garantex Resurfaces as Grinex, Processes $36M Despite Sanctions

Garantex, a Russian crypto exchange, was shut down last week, but it appears to have resurfaced under a new name. The exchange, which was sanctioned by the US and EU authorities, has launched a new platform called Grinex. According to a report by Global Ledger, Grinex has already processed $36 million in incoming transactions, indicating that it is operational and attracting users.

Global Ledger's investigation revealed that Grinex is a direct continuation of Garantex. The evidence for this claim comes from on-chain analysis, which tracked a massive transfer of A7A5, a ruble-backed stablecoin, from Garantex to Grinex. The creators of A7A5 confirmed via Telegram that the asset was listed on Grinex, further supporting the connection between the two exchanges.

The interfaces of both exchanges are incredibly similar, and a marketing statement on a Russian crypto tracking site claims that the owners of Garantex created Grinex. Additionally, some users who lost funds on Garantex have reported receiving reimbursements on Grinex, and sources claim that Grinex customers are visiting the Garantex office in person. Many users are also moving assets to the new exchange, indicating that Grinex has found a way to remain operational despite the earlier crackdown.

The US Department of Justice sanctioned Garantex in 2023, and the case of Grinex is another example of how Russia has been using crypto to actively evade international sanctions. Even if law enforcement acts quickly against Grinex, it could resurface under a different name or platform, continuing to operate in the shadows of the crypto world.