Following the sanctions imposed on Garantex, Grinex has facilitated a staggering $1.66 billion worth of cryptocurrency transactions since its emergence, according to Global Ledger’s analysis. This development raises concerns among regulators who are grappling with the operational continuity of sanctioned entities and their potential impact on market stability. The transfer of liquidity, including ruble-pegged stablecoin A7A5, from Garantex to Grinex exemplifies a seamless transition despite legal actions. Experts link these large-scale fund transfers to market volatility and highlight the need for tighter control over illicit crypto movements. Regulators are actively monitoring Grinex’s operations, especially given its rapid expansion with trading volume exceeding $40 million in just two weeks. Historical precedents suggest similar cases often lead to increased scrutiny and enforcement actions within the cryptocurrency industry.