When the US Treasury blacklisted Moscow-based cryptocurrency exchange Garantex in 2022, Western officials touted the move as a major step in choking off Russia’s access to the global financial system. Estonian regulators soon revoked its license, and law enforcement agencies conducted raids on its servers and websites. But far from disappearing, Garantex mutated. Today, investigators describe it as a shape-shifting network of successor platforms and offshore entities that continues to funnel billions of dollars across borders, evading sanctions and enabling sensitive trade.

A new investigation by Transparency International Russia in Exile and the Organized Crime and Corruption Reporting Project (OCCRP) reveals how the blacklisted exchange has resurfaced under new banners-Exved, MKAN Coin, and Grinex-operating a sophisticated laundering system stretching from Moscow to Dubai, Kyrgyzstan, Hong Kong, and beyond. At its core, the network uses banks, shell companies, and encrypted Telegram channels to process vast sums of money that often blur the line between legitimate trade and illicit activity.

Founded in 2019, Garantex grew rapidly into one of Russia’s largest cryptocurrency exchanges. According to blockchain analytics firm Chainalysis, between 2019 and 2025 it processed nearly $96 billion, with at least $1.3 billion linked to criminal activity, including ransomware payouts, darknet markets, and sanctioned Russian entities.

In March 2025, coordinated raids targeted Garantex’s infrastructure, and the US Justice Department unsealed indictments against several administrators. Indian authorities even arrested a system administrator at Washington’s request. Yet, within weeks, successor........

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