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

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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

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12:00am, Wednesday, March 19, 2025

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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.

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