tl;dr
Shuttered Russian exchange Garantex has rebranded as Grinex, according to blockchain analysis by TRM Labs. Garantex, which processed over $100 billion before being shut down by international enforcement in March 2025, has reportedly transferred users and assets to Grinex via the ruble-pegged stablec...
Sanctioned Russian crypto exchange Garantex has rebranded as Grinex, aiming to evade sanctions and recover user assets through the A7A5 stablecoin, pegged to the ruble. TRM Labs’ on-chain and organizational analysis reveals strong links between the two platforms, despite differing registrations and unknown founders. Notably, Grinex’s user interface and operational model closely mirror Garantex’s, and co-founder Sergey Mendeleev plays a key role in Grinex’s launch.
Chainalysis supports this viewpoint, observing user transfers from Garantex to Grinex and public endorsements from former Garantex insiders. Garantex once dominated the crypto volumes linked to sanctioned entities, processing over $100 billion before enforcement actions shut it down in March 2025. The creation of the A7A5 stablecoin, registered by Old Vector in late 2024, facilitated asset transfers just before the shutdown, indicating a planned sanction circumvention strategy.
Despite registration of Grinex in Kyrgyzstan with obscure individuals at the helm, the platform embraced Garantex’s community by onboarding customers and employees, confirmed by activity on Telegram channels. TRM Labs highlights the unique on-chain fingerprints shared by Garantex and Grinex, including the use of intermediary addresses previously linked to Garantex fund transfers.
This rebranding exposes ongoing challenges in enforcing sanctions against illicit crypto activities, as such entities often resurface under new guises. Moreover, other Russia-linked exchanges, ABCEX and Rapira, have absorbed much of Garantex’s prior transaction volume, with Rapira continuing steady growth post-shutdown. These developments underscore the evolving tactics of sanctioned crypto entities and the complexities regulators face in effectively curbing illicit finance in the digital asset space.