Garantex Executed Contingency Plan Before Sanctions Shifted Funds to Grinex and A7A5

Cryptocurrency exchange Garantex Europe, previously sanctioned for facilitating large-scale illicit financial flows, reportedly executed a well-prepared contingency plan prior to enforcement actions, according to TRM Labs, a blockchain intelligence firm [1]. On Thursday, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) imposed a second round of sanctions on Garantex and its successor platform, Grinex. However, TRM Labs noted that the exchange had already anticipated the move and had measures in place to transfer clients, infrastructure, and funds to successor platforms with minimal disruption [1].

Garantex, which operated under an Estonian license, processed at least $96 billion in crypto transactions from 2019 to March 2025, with a significant portion linked to ransomware groups, darknet market transactions, and other illicit activities [1]. Weeks before the March 2025 enforcement actions by U.S., German, and Finnish authorities, Garantex wallets had already begun shifting funds into the Russian ruble-pegged stablecoin A7A5 [1]. This early migration underscores Garantex’s apparent awareness of the impending enforcement and its intent to establish a sanctions-resistant channel for value transfer [1].

Grinex was incorporated in December 2024—months before the takedown—according to Kyrgyz government records [1]. In the days following the enforcement, Telegram channels linked to Garantex started promoting Grinex as a replacement platform, indicating a coordinated effort to maintain user engagement and operational continuity [1].

Additionally, another exchange, Meer, emerged as a potential alternative in this network [1]. According to TRM Labs, Meer shares similar features and a comparable interface with both Garantex and Grinex and was among the first to list A7A5. It was also registered in December 2024, around the same time as Grinex and A7A5, suggesting a coordinated development strategy [1]. The exchange saw a surge in trading volume following the enforcement action on Garantex, which may indicate its role in sustaining illicit financial flows [1].

The A7A5 stablecoin played a central role in the transition from Garantex to Grinex [1]. TRM Labs emphasized that the Garantex–Grinex–A7A5 nexus represents a critical case study in tracking the migration of illicit activity and highlighted the importance of heightened due diligence for fiat-pegged tokens with non-transparent governance [1]. The firm also noted that tokens marketed as standard settlement instruments can be repurposed into key components of sanctions-evasion strategies when connected to sanctioned institutions and opaque corporate structures [1].

Source: [1] Cointelegraph - [https://cointelegraph.com/news/sanctioned-exchange-garantex-previously-had-a-contingency-plan-ahead-of-enforcement-actions](https://cointelegraph.com/news/sanctioned-exchange-garantex-previously-had-a-contingency-plan-ahead-of-enforcement-actions)