The trading platform Grinex has entered the Russian and CIS markets, taking on a portion of the client base from the sanctioned exchange Garantex. The platform has assumed obligations to users with a transparent transaction history.
According to a press release, Grinex is licensed in the Kyrgyz Republic. It also supports the circulation of the ruble-pegged stablecoin A7A5 and offers trading pairs A7A5/USDT and A7A5/RUB.
“As part of our extensive growth strategy, we have signed an agreement with Garantex management. This aims to expand our user base by onboarding ‘non-toxic’ clients from Garantex. In return, we intend to fulfill the obligations that Garantex could not meet due to sanctions,” Grinex representatives stated.
They added that client reviews and re-verification processes are currently underway. Users with a “toxic history” of funds or those unable to pass KYC will be denied service. The majority of legitimate clients have already had their assets converted into A7A5 tokens, which are now traded on Grinex.
Additionally, the platform plans to offer positions to some former Garantex employees after security checks.
Reports of user fund transfers from Garantex to Grinex first surfaced in mid-March. A Grinex manager noted that clients are personally visiting the platform’s office.
Cryptol – your source for the latest news on cryptocurrencies, information technology, and decentralized solutions. Stay informed about the latest trends in the digital world.