Sanctioned Russian Crypto Exchange Garantex Allegedly Rebrands as Grinex

International efforts to dismantle illicit financial networks are facing new challenges, as the recently sanctioned Russian cryptocurrency exchange Garantex appears to have rebranded and resumed operations under a new name—Grinex. Reports from blockchain analytics firm Global Ledger suggest that Grinex may be a direct successor to Garantex, which was shut down earlier this month in a joint operation by law enforcement agencies from the U.S., Germany, and Finland. 

Despite the crackdown, Global Ledger researchers have identified on-chain movements linking the two exchanges, including the transfer of Garantex’s holdings in a ruble-backed stablecoin, A7A5, to wallets controlled by Grinex. Off-chain clues further support the connection, such as the sudden surge in trading volume—Grinex reportedly handled over $40 million in transactions within two weeks of its launch.

According to Lex Fisun, CEO of Global Ledger, social media activity also suggests a direct relationship between the platforms.

In a Telegram post, Sergey Mendeleev, a known figure associated with Garantex, downplayed the similarities between the two exchanges while making light of the situation. Meanwhile, reports indicate that former Garantex users have been transferring funds at the exchange’s physical offices in Europe and the Middle East, strengthening claims that Grinex is simply a rebranded version of the defunct platform.

While leading blockchain analytics firms such as Chainalysis and TRM Labs have yet to verify these findings, Andrew Fie

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