Russian crypto exchange Garantex, previously sanctioned and dismantled in March 2025, is believed to have rebranded as Grinex. On-chain analysis by TRM Labs indicates that Grinex is onboarding former Garantex users and redistributing their assets, specifically through the A7A5 ruble-pegged stablecoin, created in anticipation of Garantex's shutdown. Garantex once processed over $100 billion in transactions and was significant in handling cryptocurrency volumes linked to sanctioned entities. Following the dismantling of Garantex, their Telegram channels began promoting Grinex. The identities behind Grinex’s registration are ambiguous, with connections to Garantex’s former executives. Both TRM Labs and Chainalysis have noted that Grinex's establishment signals the challenges of enforcing sanctions effectively, as even after being dismantled, Garantex’s operations appear to be revived under a new name.

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