Grinex Moves $1.66B in Crypto — Successor to Sanctioned Garantex?

[johnblockbuster]

Hey everyone,

There's been a major development in the crypto compliance world that deserves more attention. A new exchange, Grinex, is under scrutiny for allegedly being the successor to the sanctioned Russian platform Garantex, which was dismantled earlier this year by US, German, and Finnish authorities.

According to Global Ledger, Grinex has already moved over $1.66 billion through crypto exchanges — despite the red flags. Here’s what’s going on:
Garantex’s Fall, Grinex’s Rise

Garantex, which allegedly processed $96B in crypto since 2019, was shut down in March.

Days later, Grinex appeared — and investigators now believe it’s a full rebrand/resurrection of Garantex.

Over $60M in ruble-backed stablecoins were moved from Garantex to Grinex.

$1.66B Through 180+ Crypto Exchanges

Global Ledger tracked $2.41B in total transactional exposure related to Grinex.

$1.66B of that has flowed through 180 different crypto exchanges/VASPs.

The main vehicle? Tron-based USDT (USDt) — no surprise, as Tron now carries more USDT supply than Ethereum.

No advanced obfuscation — many transfers were direct.

Travel Rule Violations?

Under FATF’s Travel Rule, VASPs must share sender/receiver info — but Grinex activity suggests many are skipping checks.

Global Ledger reached out to exchanges. Some replied, others ignored them.

Binance confirmed to Cointelegraph they block both direct and indirect transactions from sanctioned entities.

🧩 Why It Matters

It shows how sanctioned actors can quickly rebrand and re-enter the market under a new name.

It highlights ongoing weaknesses in compliance and Travel Rule enforcement, especially with stablecoins on Tron.

It also puts pressure on global exchanges to step up their screening and monitoring tech.

Open Questions

Which other top-tier exchanges are knowingly or unknowingly exposed to Grinex?

How long before regulators catch up again?

Is Tron becoming the new playground for illicit stablecoin movement?

Would love to hear your thoughts.

Have you seen signs of Grinex on-chain?

Do you think major exchanges are turning a blind eye?

Should stablecoin issuers like Tether step in sooner?

Let’s talk.
#crypto #coin #trade #scam