Grinex Facilitates $1.66 Billion in Crypto Transactions Amid Sanction Concerns

Grinex, a successor to sanctioned Russian exchange Garantex, has transferred $1.66 billion in cryptocurrency since March 2025, raising concerns among regulators. The exchange has exceeded $40 million in trading volume within two weeks, and its operations have sparked scrutiny over the consequences of large-scale fund transfers. Historical cases of sanctioned exchanges rebranding and reorganizing have prompted similar enforcement actions, highlighting challenges in closing off platforms to illicit use.

Grinex, the suspected successor to the sanctioned Russian cryptocurrency exchange Garantex, has transferred over $1.66 billion in cryptocurrency since March 2025, according to blockchain analytics firm Global Ledger. This significant movement has raised concerns among regulators, who are closely monitoring the exchange's activities.

Grinex's trading volume has exceeded $40 million within just two weeks of its suspected inception. The exchange has been linked to various cryptocurrency exchanges and virtual asset service providers (VASPs), with Global Ledger estimating that around $1 billion in fund exposure to Grinex existed as of early May. By May 30, this exposure had grown to $2.41 billion, with $1.66 billion moving in and out of 180 exchanges [1].

Global Ledger's research head, Yury Serov, highlighted the growing concern over the fund flows. "You can see [the amount is] devastating [and] it’s growing on a daily basis," he told Cointelegraph. The firm noted that the majority of these funds are in the form of Tron-based stablecoins, with USDt (USDT) being the most prominent [1].

The fund flows from Grinex have been linked to both licensed and unlicensed exchanges, with some exchanges in Europe and North America potentially exposed to these transfers. The EU's Markets in Crypto-Assets (MiCA) regulatory framework has led some exchanges to delist USDt trading pairs, but this has not deterred Grinex from continuing its operations [1].

Grinex's activities have drawn comparisons to historical cases of sanctioned exchanges rebranding and reorganizing, which have often led to enforcement actions. For instance, eXch, a no-Know-Your-Customer (no-KYC) crypto exchange, was dismantled by German authorities but continued to operate in stealth mode [1].

Despite these concerns, Grinex has not been officially identified as the successor to Garantex. The exchange has not responded to attempts to contact it for comment. However, Global Ledger has notified some exchanges of its suspicious fund flow analysis, with some exchanges acknowledging the warnings [1].

The intersection of politics and financial markets, as seen in the recent surge in CompoSecure (CMPO) stock following the announcement of Donald Trump's 'gold card' launch, highlights the broader implications of such events for the cryptocurrency market. While the CMPO stock rally is not directly tied to Grinex's activities, it signals heightened investor interest and risk appetite, which could influence crypto markets [2].

Regulators and exchanges are increasingly focusing on the risks posed by illicit fund transfers and the challenges of shutting down platforms that continue to operate under new names. The ongoing scrutiny of Grinex underscores the need for robust regulatory frameworks and cooperation among global authorities to combat these challenges.

References:
[1] https://cointelegraph.com/news/garantex-successor-moves-1-66b-to-crypto-exchanges
[2] https://blockchain.news/flashnews/trump-gold-card-launch-spurs-8-surge-in-composecure-cmpo-stock-trading-analysis-and-crypto-market-implications