Sanctioned Garantex Rebrands as Grinex Amid Regulatory Crackdown

After being shut down by US and EU authorities, Russian crypto exchange Garantex has reemerged under a new name, Grinex, processing $36 million in transactions within its first week. According to an exclusive report by Global Ledger, on-chain analyses reveal that the same team behind Garantex has launched Grinex, marking it as a direct continuation of the earlier platform despite regulatory pressures. The report also notes that a significant liquidity transfer of a ruble-backed stablecoin (A7A5), originally listed on Garantex, has been tracked to Grinex. Additional context includes earlier actions such as Tether freezing wallets holding $28 million and the US Department of Justice seizing domains linked to Garantex. Some affected users have reportedly begun receiving reimbursements on the new platform and have even visited the former exchange's offices. This move illustrates how crypto operators may use rebranding to circumvene international sanctions and regulatory crackdowns, echoing historical trends in the region where new platforms surface quickly following enforcement actions.