Banned Crypto Exchange Garantex Resurfaces as Grinex

The Russian cryptocurrency platform Garantex, which faced sanctions from the United States in 2022, seems to have restarted operations with a different name. A report by blockchain analytics company Global Ledger indicates that Garantex has transferred liquidity and customer funds to a newly established platform known as Grinex.

‼️Compliance alert: #Garantex founders launch a new platform

1/ Following Garantex’s shutdown and #Tether freezing its wallets, the founders have launched Grinex. Here’s what we’ve uncovered 👇 pic.twitter.com/m28einnisn

— Global Ledger (@GlobalLedger) March 19, 2025

Consequently, investigators say onchain data shows a direct connection between the two exchanges. 

“The transfer of funds, recurring use of temporary wallets, and addresses previously linked to Garantex all point to a clear relationship,” Global Ledger stated.

Stablecoin Transfers Exceed $60 Million.

The investigation, which was completed on March 13, found that Garantex had allegedly transferred over $60 million worth of a ruble-backed stablecoin known as A7A5. These funds were reportedly directed to wallets associated with Grinex.

According to Global Ledger, a process involving the destruction and recreation of tokens was used to move funds without leaving a direct trail. 

“By burning and reminting tokens, new coins were issued from a system wallet with no prior transaction history,” the report explained.

In addition to digital transfers, Global Ledger noted that users have been visiting physical exchange offices to shift their balances from Garantex to Grinex. The report also highlights similarities in transaction behavior between the two platforms.

Grinex Sees Trading Volume Surge to $68 Million

As of March 14, Grinex had processed nearly $30 million in incoming transactions. Data from CoinMarketRating now indicates that trading volume on the exchange has surpassed $68 million, with daily spot trading exceeding $2 million.

The Russian crypto tracking site also states that Grinex was founded by the same individuals behind Garantex. Global Ledger’s report describes this as further evidence that Grinex is not a separate entity but a continuation of Garantex under a different name.

Authorities Crack Down on Garantex Operations

In April 2022, Garantex was sanctioned by the U.S. Department of the Treasury’s Office of Foreign Assets Control, which claimed that it facilitated illegal transactions. Authorities assert that the platform has enabled billions of dollars in illegal activities since it was launched in 2019.

On March 6, U.S., German, and Finnish authorities took action to disable Garantex’s online presence by freezing its associated domains. The same day, stablecoin issuer Tether froze $27 million in USDT tied to the exchange, cutting off its access to key assets.

Less than a week later, Indian law enforcement detained Aleksej Bešciokov, who is accused of operating Garantex. He now faces charges in the United States, including conspiracy to commit money laundering.

Despite these enforcement efforts, the latest findings suggest that Garantex has shifted its activities to Grinex, allowing it to continue operations under a different name.