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Cryptocurrency exchange Grinex has responded to a Financial Times investigation alleging its involvement in sanctions circumvention through the ruble-pegged stablecoin A7A5. The investigation claimed that approximately $9.3 billion in A7A5 tokens transacted through the platform over four months. Grinex refutes these claims, asserting its adherence to international AML/KYC standards and condemning illicit activities.
Key Takeaways
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Grinex attributes the allegations to unfair competition, claiming that biased AML services are used by larger players to poach clients from CIS countries.
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The exchange emphasizes that the ruble is a crucial currency for the economies of the entire CIS region, not just Russia.
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Grinex states that listing stablecoins, including A7A5, is part of its strategic approach, viewing A7A5 as a "safe and transparent instrument with a clear legal basis."
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The platform notes increasing user interest and liquidity in A7A5, especially amid frequent blocks by Tether.
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Grinex vehemently denies any affiliation with sanctions circumvention schemes, asserting that all suspicious operations are automatically blocked.
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The exchange confirms strict compliance with international AML/KYC standards, including screening all clients against sanctions lists.
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Grinex highlights that no official requests from international law enforcement agencies have been received, and a dedicated unit is open to collaboration with foreign entities.
Grinex Responds to Sanctions Circumvention Allegations
Grinex, a Kyrgyz-licensed crypto platform, has addressed the Financial Times' investigation concerning the ruble stablecoin A7A5. The report suggested that the platform facilitated sanctions evasion, with significant transaction volumes of A7A5 tokens.
Unfair Competition Claims
In a statement to ForkLog, Grinex representatives suggested that the investigation might be a form of unfair competition. They argued that AML services often flag transactions from CIS countries as "toxic," despite the ruble's importance across the region's economies. Grinex believes this practice is used by larger players to divert clients to other exchanges, disregarding the legitimate needs of businesses and individuals not involved in sanctioned activities.
Strategic Listing and Compliance
Grinex clarified that the listing of stablecoins, including A7A5, aligns with its strategic objectives. The choice of A7A5 was based on its perceived safety, transparency, and clear legal framework. The company also pointed to growing user interest and liquidity in A7A5, particularly as an alternative to Tether, which has reportedly increased its blocking activities. Grinex firmly stated that the token's listing does not imply affiliation or an intent to bypass sanctions.
Commitment to Anti-Money Laundering
Grinex reiterated its strong condemnation of all illegal activities, including sanctions evasion and money laundering. The platform asserts that it is not a tool for such illicit acts and that all suspicious transactions are automatically blocked. The exchange emphasized its strict adherence to international AML/KYC standards, including comprehensive screening of all clients against sanctions lists. Grinex also noted that the allegations remain unconfirmed, as no official requests from international law enforcement have been received. The company has established a specialized unit to engage with foreign authorities and is open to cooperation.
Grinex commenced operations in the Russian and CIS markets in March 2025, with its activities licensed in the Kyrgyz Republic.
Sources
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