Sanctioned Russian Exchange Garantex Suspected of Rebrand as Grinex
Garantex has rebranded as Grinex following its dismantling by international enforcement agencies in March 2023. Garantex previously processed over $100 billion in transactions. Grinex is onboarding Garantex users and redistributing assets as A7A5, a ruble-pegged stablecoin. Wallet addresses began converting funds to A7A5 in January 2025, with the token's issuer, Old Vector, registered in December 2024. TRM Labs indicates that the creation of A7A5 was a strategy to evade sanctions. Grinex was registered shortly after Garantex's shutdown, with links between the two platforms evident through similar on-chain fingerprints and user interfaces. Garantex co-founder Sergey Mendeleev has promoted Grinex, and former users have reportedly transferred funds directly to the new exchange. Analysts from Chainalysis and TRM Labs suggest Grinex is effectively a continuation of Garantex, raising concerns about the effectiveness of sanctions in curbing illicit cryptocurrency activities. Other Russia-linked exchanges have also absorbed Garantex's former volumes.
