Key Data

• Trading Name: Grinex (former Garantex)
• Legal Entities: Garantex Europe OU, Russian entity not disclosed
• Activities: Crypto payment processor and exchange
• Location: Russia, Estonia
• Regulations: unregulated, had its Estonian license revoked
• Key People: Sergey Mendeleev/Aleksej Bešciokov
• Latest news: Garantex
• Latest update: Sept 8, 2024

Background:

Garantex is a Russian cryptocurrency exchange founded in 2019 by Stanislav Drugalev, a Russian tech specialist, and Sergey Mendeleev. The platform has quickly become a significant player in the Russian cryptocurrency market, specializing in converting rubles into other currencies. Originally registered in Estonia as Garantex Europe, the exchange now appears to operate primarily from Russia. The exact current legal entity structure is unclear due to regulatory changes and sanctions.

Offering:

Garantex provides the following services:

1. Cryptocurrency trading with fast execution and no hidden commissions
2. Convenient deposit and withdrawal options
3. A P2P trading section
4. Support for various cryptocurrencies

The exchange has positioned itself as a leader in self-regulation for the Russian crypto industry. It has gained notoriety for its ability to facilitate the conversion of rubles to cryptocurrencies, particularly Tether (USDT), through a network of cash exchangers inside Russia and abroad.

Compliance Situation:

Garantex’s regulatory status is complex and concerning:

1. In February 2022, Garantex lost its license to provide virtual currency services in Estonia due to supervision issues identified by Estonia’s Financial Intelligence Unit.
2. The exchange has been sanctioned by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) for facilitating illicit transactions, including those related to ransomware payments.
3. There are allegations of Garantex processing transactions for designated actors in Russia and Iran, raising significant compliance concerns.
4. The platform has been linked to criminal activities, with reports suggesting it has moved money for criminal gangs and wealthy Russians seeking to evade sanctions.
5. Despite these regulatory challenges, Garantex continues to operate, leveraging its position in the Russian market where it faces less scrutiny.

Grinex, the rebranded version of the sanctioned crypto exchange Garantex, faces serious legal and regulatory issues tied to its predecessor. Authorities accuse the platform of facilitating large-scale money laundering, particularly through the use of ruble-backed A7A5 stablecoins, with over $60 million allegedly cleaned using on-chain obfuscation tactics. Investigations reveal direct fund transfers from Garantex to Grinex, along with shared infrastructure and staff, suggesting Grinex is not a new entity but a continuation of Garantex under a different name. The arrest of alleged co-founder Aleksej Bešciokov in India further underscores the platform’s ties to criminal activity, including sanctions evasion and potentially ransomware facilitation. These connections have triggered calls for stronger global enforcement and coordinated regulatory action

Rebrands as Grinex 

Garantex has reemerged as Grinex, according to a March 2025 report by FinTelegram. Blockchain analysis links the two platforms through shared infrastructure, liquidity transfers, and user continuity. Garantex allegedly laundered over $60 million in ruble-backed stablecoins before shutting down, with these funds reappearing in Grinex accounts. Despite enforcement actions, including Tether freezing $27 million and the arrest of co-founder Aleksej Bešciokov, Grinex is rapidly growing, raising serious concerns about sanction evasion and the resilience of illicit crypto networks¹

Rating Conclusion

Given its sanctions status, alleged links to illicit activities, and operation in a high-risk jurisdiction with limited oversight, Garantex presents significant risks for financial institutions and users. Its continued operation despite losing its Estonian license and facing U.S. sanctions indicates a lack of adherence to international regulatory standards. Thus, we included Garantex in our Black Compliance and Red Risk lists.