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The U.S. Treasury’s OFAC has imposed sanctions on crypto exchange Garantex, its successor Grinex, and associated entities for facilitating over $100 million in illicit transactions. The move targets sanctions evasion and cybercrime linked to Russia and Kyrgyz Republic-based firms. Officials allege Grinex was created to bypass earlier restrictions on Garantex.
- Grinex was established post-Garantex sanctions in March 2025 to circumvent restrictions, according to OFAC.
- The A7A5 token, issued by Kyrgyzstani firm Old Vector, was used to reimburse frozen Garantex user funds in ruble equivalents.
- U.S. authorities previously seized Garantex’s domain and froze $26 million in crypto, with one executive arrested in India and another wanted.
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