Grinex exchange suspected rebrand of sanctioned Garantex crypto firm

TRM Labs assesses that newly promoted exchange Grinex likely represents a rebrand or successor to sanctioned Russian exchange Garantex, whose domains were seized in March 2025 and whose admins were charged, after facilitating significant illicit flows linked to ransomware groups and darknet markets. Grinex allegedly moved to onboard Garantex customers and distribute frozen assets via a new ruble-pegged stablecoin, A7A5, promoted on Telegram channels associated with Garantex affiliates, with notable flows involving two Kyrgyzstan-based firms. The case illustrates how illicit crypto ecosystems rapidly adapt through rebranding and new platforms (e.g., ABCEX, Rapira) to evade sanctions and continue operations.