After the sanctioned crypto exchange Garantex was dismantled by authorities, a new player has emerged on the radar of blockchain analysts and regulators: Grinex. Widely suspected to be the spiritual — and possibly operational — successor to Garantex, Grinex has already processed an astonishing $1.66 billion in crypto transactions across nearly 180 global exchanges, raising serious red flags for the crypto compliance world.
The Garantex Precedent
Garantex was originally launched in 2019 in Moscow and quickly gained notoriety for its lax approach to compliance. It was linked to high-risk transactions involving darknet markets and ransomware groups. In 2022, the U.S. Treasury’s OFAC sanctioned Garantex, attributing more than $100 million in illicit financial activity to the platform. Though officially sanctioned, Garantex continued operating until early 2025, when international law enforcement agencies — including authorities in the U.S., Germany, and Finland — finally shut it down.
Grinex’s Rise and Methods
Almost immediately after Garantex’s closure, blockchain monitoring tools flagged Grinex as a major mover of funds in the crypto space. Despite appearing to be a new entity, its structure, transaction behavior, and choice of partners bear strong similarities to Garantex.
Grinex has been particularly active in Tron-based USDT (Tether) transfers. Notably, the platform does not use obfuscation techniques, mixers, or multiple intermediate wallets — a sign that it’s relying on either perceived legal gray zones or the lack of coordinated enforcement between global jurisdictions.
This level of transparency in fund flows might suggest an attempt to appear legitimate, but experts warn it may also reflect a boldness stemming from confidence in regulatory loopholes.
Weak Compliance Reactions
What’s troubling is that, despite the massive flows, few exchanges have acknowledged any exposure to Grinex. Only one major exchange reportedly responded to compliance inquiries, stating that it had taken steps to monitor and block interaction with sanctioned entities. The silence from other exchanges raises questions about the effectiveness of internal compliance systems and inter-exchange communication.
Global Implications
Grinex’s emergence highlights how quickly the crypto landscape can adapt in response to enforcement actions. It illustrates a critical weakness in the current regulatory and compliance frameworks — namely, the inability to keep banned actors from simply relaunching under a new name or infrastructure.
For regulators and compliance teams, the message is clear: static blacklists are not enough. Constant vigilance, real-time blockchain monitoring, and improved international cooperation are necessary to prevent sanctioned or illicit entities from re-entering the global financial system.
Conclusion
Grinex stands as a case study in the resilience and adaptability of questionable crypto operations. The rapid transition from a sanctioned exchange (Garantex) to an operational shadow version (Grinex) should serve as a wake-up call. Without stronger systems for tracking financial flows and sharing intelligence across borders, the crypto world will remain vulnerable to actors who play just beyond the reach of the law.
Sourche: https://fintelegram.com