Sanctioned Russian Exchange Garantex Inspires Clone Platforms, Says TRM Labs

TRM Labs has identified a troubling pattern in the crypto crime landscape. Garantex, a sanctioned Russian exchange, appears to have become a blueprint for illicit platforms seeking to evade regulatory scrutiny. High-risk exchanges like AEXbit are adopting Garantex's operational playbook—rebranding strategies, interface cloning, and jurisdictional arbitrage—despite lacking confirmed direct ties.

Ari Redbord, TRM's Global Head of Policy, notes the resilience of illicit actors: "Garantex's takedown was landmark, but its methods persist through adaptation." The emergence of Grinex, a suspected Garantex successor sharing on-chain footprints and Kyrgyzstani ruble-stablecoin (A7A5) transactions, underscores this trend. While forensic links remain unproven, the replication of money laundering tactics signals a broader industry vulnerability.