Sanctioned Exchange's Shadow Operations Exposed

Blockchain investigators have uncovered 【$1.66 billion】 in suspicious cryptocurrency flows through Grinex, a platform allegedly continuing operations for sanctioned Russian exchange Garantex. Global Ledger's latest report reveals continuous fund movements through 180 virtual asset service providers (VASPs) despite multiple government crackdowns.

The Tron Network's Illicit Finance Dominance

——70% of high-risk stablecoin transactions occur on Tron—— according to Bitrace's 2024 report. Grinex predominantly uses Tron-based USDT, with Global Ledger identifying 【$2.41 billion】 in transactional exposure. The chart below shows Tron's growing USDT supply surpassing Ethereum:

Regulatory Gaps in VASP Oversight

Research head Yury Serov highlights compliance failures: "Receiving VASPs must obtain sender details under Travel Rules, but we see consistent breaches." While some exchanges acknowledged alerts, others ignored warnings about direct Grinex transactions without obfuscation.

From Garantex to Grinex: A Sanctions Evasion Blueprint

After US-EU sanctions in 2022-2025 and March's infrastructure seizure, Garantex allegedly transferred 【$60 million】 to Grinex. Global Ledger confirms customer fund migrations between platforms, with one manager admitting Garantex office visits for transfers.

The Persistent Challenge of Crypto Rebranding

Security experts warn this follows a pattern — after German authorities dismantled no-KYC exchange eXch, associated wallets showed continued activity. Kerberus CEO Alex Katz notes: "Sanctioned entities simply rebrand, exploiting jurisdictional differences in crypto regulation."

EU's MiCA Push Meets Implementation Hurdles

Despite European exchanges delisting USDT pairs for MiCA compliance, Grinex flows reveal licensed platforms still processing transactions. Serov suggests operators may be leveraging documentation from Russian emigrants in non-EU territories to maintain Euro access.

——As of press time——, Binance remains the only major exchange confirming active sanctions enforcement, while Grinex hasn't responded to inquiries. The case underscores ongoing tensions between crypto's borderless nature and evolving regulatory frameworks.