The post Grinex and Russian-Backed Stablecoins Drive $4.2B Crypto Surge in Kyrgyzstan Amid Sanctions appeared on BitcoinEthereumNews.com.

Russian entities are leveraging Kyrgyz cryptocurrency platforms to circumvent international sanctions, driving transaction volumes from $59 million in 2022 to $4.2 billion by mid-2024, making Kyrgyz platforms critical for Russia’s global financial access. Kyrgyz crypto platforms have become a major hub for Russian-related trading activities post-2022 sanctions. On-chain analysis reveals rebranding of Russian platform Garantex to Grinex, facilitating ruble-to-crypto exchanges with Russia-backed stablecoins. Transaction volumes surged dramatically, highlighting the growing role of Kyrgyz platforms in sanction evasion, according to blockchain intelligence firm TRM Labs. Russian entities exploit Kyrgyz crypto platforms to bypass sanctions, with volumes hitting $4.2B in 2024. Learn how this impacts global crypto markets. How Are Russian Entities Using Kyrgyz Crypto Platforms to Evade Sanctions? Russian entities are increasingly utilizing Kyrgyz cryptocurrency platforms as a strategic channel to bypass international sanctions imposed since 2022. These platforms, which were minimal before the Russia-Ukraine conflict, now dominate the Kyrgyz crypto industry. On-chain data indicates that the Russian trading platform Garantex has likely rebranded as Grinex, conducting extensive ruble-to-cryptocurrency transactions using Russia-backed stablecoins such as A7A5. What Is the Scale of Crypto Transactions in Kyrgyzstan Linked to Russia? The transaction volume of Kyrgyz virtual asset service providers skyrocketed from $59 million at the end of 2022 to an estimated $4.2 billion in the first seven months of 2024. This exponential growth underscores the platforms’ pivotal role in enabling Russian entities to maintain liquidity and access the global financial system despite sanctions. Year Transaction Volume (USD) Growth Rate 2022 $59 million Baseline Jan-Jul 2024 $4.2 billion ~7000% increase Why Has Kyrgyzstan Become a Crypto Hub for Russian Sanction Evasion? Kyrgyzstan’s relatively underdeveloped crypto market before 2022 provided a low-profile environment for Russian entities to expand their crypto activities. The lack of stringent regulatory oversight and the emergence of platforms like Grinex have…

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Filed under: News - @ July 27, 2025 3:18 am