The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury has expanded its sanctions list by adding the Russian cryptocurrency exchanges Garantex and Grinex, along with several associated companies and individuals. The reason for this action stems from allegations of money laundering involving illegally obtained funds and facilitating the circumvention of existing restrictions against the Russian Federation.
This is reported by Finway
Garantex and Grinex: Connections, Sanctions, and Evasion of Restrictions
Garantex was placed under OFAC sanctions back in April 2022 due to its involvement in schemes laundering over $100 million related to illegal activities. In February 2025, sanctions against Garantex were also imposed by the European Union, after which the exchange ceased operations, and the company Tether blocked its wallets containing assets worth approximately $28 million (2.5 billion rubles).
Almost immediately after this, a new exchange, Grinex, emerged in the Russian market, which, according to a report by Global Ledger, is considered the successor to Garantex. A new release from the U.S. Treasury confirms the close connection between these platforms. In addition to the exchanges themselves, three executives from Garantex and six affiliated companies in Russia and the Kyrgyz Republic have also been sanctioned.
It is known that after the wallets of Garantex were blocked, clients’ funds were transferred to Grinex accounts. Grinex’s promotional messages indicate that the exchange was established specifically in response to the sanctions.
Transaction Volumes and Use of Stablecoins
According to the Global Ledger report, Grinex conducted transactions totaling 7.3 billion USDT from March 5 to August 14, 2025. A total of 312 cryptocurrency wallets associated with the platform were identified, of which four remain active and have not been included in the sanctions list.
Experts also discovered 180 exchanges that conducted direct or indirect transactions with Grinex wallets totaling $1.66 billion. The ruble stablecoin A7A5, issued by the Kyrgyz company Old Vector, was used for transactions and to compensate for losses incurred by clients of Garantex. This asset was created for A7 Limited Liability Society, which is owned by the sanctioned oligarch Ilan Shor and the Russian bank Promsvyazbank.
According to Global Ledger, a significant portion of A7A5’s liquidity is generated through wash trading—simulated transactions to create the appearance of high trading volume. However, the project demonstrates consistent growth and, according to analysts, is aimed at long-term operations:
“The project shows stable, albeit likely simulated, trading dynamics and continues to inject liquidity into USDT while strengthening its off-chain presence, focusing particularly on brand growth, reputation, and official representation as a company based in Kyrgyzstan,” the report states.
The new sanctions list includes:
- the crypto exchanges Garantex and Grinex;
- Old Vector, A7, A71, and A7 Agent;
- co-founder of Garantex Sergey Mendeleev;
- co-owner and commercial director of Garantex Alexander Mir Serdy;
- co-owner and regional director of Garantex Pavel Karavatsky;
- payment platforms InDeFi Bank and Exved, created by Mendeleev to support access to Garantex and Grinex.
All property and rights to the assets of the listed individuals and companies, as well as entities in which their share exceeds 50%, are subject to blocking. Sanctions may also extend to counterparties conducting financial or other activities with them.
Additionally, the U.S. government has announced a reward of up to $6 million for information that leads to the arrest or prosecution of the executives of Garantex, including Alexander Mir Serdy.