A Russian cryptocurrency exchange that faced U.S. sanctions is reportedly back in operation under a new name, Grinex, after transferring its funds and users to this new platform.
A report from a Swiss blockchain analysis firm indicates that the exchange has relocated its liquidity and customer balances to Grinex. The findings include both on-chain and off-chain evidence that draw connections between the two platforms, despite the official closure of the previous exchange.
The analysis revealed that the exchanged laundered over $60 million in ruble-backed stablecoins by burning and reminting them, effectively erasing transaction histories. These funds subsequently moved to Grinex, enabling the new platform to function with clean records.
Significantly, Grinex began to see a surge in transaction volumes shortly after the previous exchange went offline, with inflows exceeding $29 million by mid-March. Additionally, blockchain data demonstrated a pattern of fund transfers through single-use wallets before arriving at Grinex’s deposit addresses.
Moreover, some users have mentioned that previously frozen assets on the original exchange have appeared in their Grinex accounts. Staff members from Grinex have also acknowledged in private discussions that customers visited the former exchange’s office in person to transfer funds between both platforms.
Apart from the financial evidence, several other indicators suggest a connection between Grinex and the earlier exchange.
Reports claim that Grinex’s website bears a resemblance to the interface of its predecessor, and marketing materials imply that it was created by the same founding team in response to the imposed sanctions.
The analysis also referenced a crypto-tracking platform that identifies Grinex as established by the same team that operated the previous exchange.
The earlier exchange faced U.S. Treasury sanctions in 2022 for allegedly enabling illicit transactions, followed by additional sanctions from the European Union in February 2025.
Despite the regulatory measures, the exchange managed to keep functioning, using sanctioned Russian banks to facilitate transactions for local users.
It officially ceased operations on March 6, just days after Tether froze approximately 2.5 billion USDT in ruble-backed stablecoins.
Shortly thereafter, authorities in India detained a co-founder of the former exchange, who is currently awaiting extradition.