The shuttered Russian bitcoin exchange Garantex is transferring funds to a new platform named Grinex, according to analysts at Global Ledger.
‼️Compliance alert: #Garantex founders launch a new platform
1/ Following Garantex’s shutdown and #Tether freezing its wallets, the founders have launched Grinex. Here’s what we’ve uncovered ? pic.twitter.com/m28einnisn
— Global Ledger (@GlobalLedger) March 19, 2025
In 2022, the U.S. Treasury’s Office of Foreign Assets Control imposed restrictions on Garantex due to illegal activities.
In March 2025, the agency blocked the exchange’s domains and froze $26 million in its wallets. The statement indicated that the trading platform facilitated money laundering by transnational criminal organizations, including terrorist groups, and violated international sanctions.
Authorities also charged Garantex administrators, Russian Alexander Mir Serde and Lithuanian citizen Alexey Beschekov. The latter was arrested in India at the request of the United States.
According to Global Ledger’s investigation, Grinex emerged as a “direct continuation” of Garantex following its collapse. The company’s experts discovered that user balances are being massively transferred to the new platform. As of March 19, transaction volumes reached $36 million, employing complex schemes to “cleanse” assets.
The transfer of Garantex user funds was privately confirmed by a Grinex manager, who noted that clients personally visit the platform’s office. This is corroborated by some users’ social media posts.
Global Ledger also highlighted the description of the new platform by the service CoinMarketRating:
“We invite you to get acquainted with the newly established trading platform Grinex. It positions itself as an international cryptocurrency exchange. Created by the owners of the Garantex platform after it was sanctioned internationally and blocked.”
Experts believe the platforms’ interfaces bear a clear resemblance, as do transaction patterns, further confirming their connection.
“The investigation results underscore that Grinex is not an independent entity but rather a full-fledged successor to Garantex, continuing its financial operations despite its official closure,” concluded Global Ledger.
In February, the EU included Garantex in its 16th package of sanctions against Russia for aiding in circumventing restrictions.