Grinex Moves $1.2 Billion USDT Despite Garantex Sanctions

Grinex, the suspected rebrand and successor to the sanctioned Russian platform Garantex, has reportedly moved over $1.2 billion in USDT through crypto exchanges. This significant transaction volume has raised concerns, as it occurred despite Grinex being the suspected successor of Garantex, a platform known for its involvement in illicit cryptocurrency operations.

Garantex, which was dismantled in March 2025 following a global law enforcement effort, had a notorious history of facilitating illicit crypto transactions. The platform was sanctioned by the US Office of Foreign Assets Control (OFAC) in April 2022 and by the UK in February 2025. According to Global Ledger, Garantex continued to facilitate hundreds of millions of dollars in illicit transactions for criminal actors, sanctioned entities, and individuals, even after its designation by OFAC.

Grinex, which emerged as Garantex’s likely replacement after the crackdown, has been involved in significant transactions. According to Global Ledger, Grinex’s incoming and outgoing transaction volumes have exceeded $1.2 billion in USDT within weeks of its launch. This has raised alarm bells, as many of these transactions have occurred between Grinex and numerous licensed exchanges that enforce AML and KYC standards.

The investigation by Global Ledger reveals that the volume of transactions represents a complex web of high-frequency inflows and outflows, much of it tied to major exchanges. This has raised concerns about compliance risks, as these exchanges are supposed to “flag” this kind of activity. The findings highlight the challenges in monitoring and regulating cryptocurrency transactions, especially when they involve platforms with a history of illicit activities.

The situation underscores the need for enhanced vigilance and stricter regulations in the cryptocurrency industry. It also highlights the importance of international cooperation in combating illicit activities involving cryptocurrencies. The case of Grinex and Garantex serves as a reminder of the ongoing challenges in ensuring the integrity and security of the cryptocurrency ecosystem.