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Sanctioned Russian Exchange Garantex Suspected of Rebrand as Grinex
Sanctioned Russian Exchange Garantex Suspected of Rebrand as Grinex
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Blockchain intelligence firms TRM Labs and Chainalysis have uncovered evidence suggesting that Russian crypto exchange Grinex is a rebranded version of the sanctioned Garantex. Garantex, which processed over $100 billion in transactions before being shut down by international authorities, appears to have anticipated its demise by launching the A7A5 ruble-pegged stablecoin in December 2024 and transferring assets to Grinex.
The resurgence of Garantex under the Grinex banner, coupled with heightened activity on other Russia-linked exchanges like ABCEX and Rapira, casts doubt on the efficacy of sanctions in curbing illicit cryptocurrency operations. The move underscores the adaptability of crypto entities in evading regulatory crackdowns.
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