Garantex Becomes Grinex: The New Move After Sanctions

Following US and EU sanctions, Russian crypto exchange giant Garantex has created a new platform called Grinex, as reported by Global Ledger. Since its launch, Grinex has managed to obtain $36 million worth of inbound transactions.

Last week, US and EU federal authorities had blocked the Russian exchange, but Garantex has no plans to stop.

Garantex's "double" has arrived

After the arrest of Garantex's co-founder, Tether froze some wallets containing nearly $28 million in USDT. The US Department of Justice (DOJ) also seized Garantex's domains during the arrest.
However, according to the latest developments, Garantex has already launched a new platform, Grinex.

Global Ledger published a detailed report on the launch, stating:

"Blockchain analytics firm Global Ledger has completed investigations and gathered evidence showing that Grinex has direct links to Garantex."

The basis for this claim is on-chain analytics. A ruble-backed stablecoin, A7A5, had been listed on the Garantex platform before its closure. After the team announced the listing on Grinex, Global Ledger tracked a massive transfer of A7A5 from Garantex to Grinex.

Global Ledger's reports also showed that both platforms have similar user interfaces. As a result, the Russian crypto-tracking site 'CoinMarketRating' claimed that the owners of Garantex created Grinex.

The most significant part of this development is that users who lost funds on Garantex are receiving refunds on Grinex. Sources also stated that many users are personally visiting the Garantex offices and transferring their assets to the new platform.

In conclusion, it is safe to say that Garantex (renamed Grinex) has found a way to continue its operations despite the restrictions. The US Department of Justice (DOJ) had imposed sanctions on Garantex as early as 2023.

Grinex is an emblematic example of Russia's willingness to circumvent international sanctions by using crypto platforms. Even if the US and European authorities take action against Grinex, a new Russian platform is likely to emerge. It is like a hydra: when one head is cut off, two grow back.