Grinex appears to operate using the same infrastructure as the shuttered Russian crypto exchange Garantex and is also based in Russia, according to blockchain analytics firm Global Ledger

Event date

Mar 19, 2025 - 12:00am

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According to Global Ledger, Garantex is moving its liquidity and customer deposits to Grinex. The new exchange appears to use the same infrastructure and is being promoted as a workaround to the sanctions. The new exchange has also incorporated a ruble-backed stablecoin A7A5, launched by Promsvyazbank’s cross-border payment platform A7. Onchain data shows the exchange has already processed nearly $30 million worth of transactions. Between Feb. 8 and March 1, Garantex transferred several billion A7A5 stablecoin tokens on Tron to the new addresses associated with Grinex, according to onchain data.