Garantex, Russian Crypto Exchange Used to Evade Sanctions, Continues Operating Under New Names and Has Grown Into a Decentralized Network, Transparency International Russia Finds

The Garantex crypto exchange, which was used to circumvent anti-Russian sanctions, has grown into a decentralized money laundering system, according to findings by Transparency International Russia. Garantex structures continue to operate in the UAE, Brazil, Kyrgyzstan, Spain, Thailand, Georgia, Hong Kong, and Russia.

Within Russia, financial flows are handled by Exved — a formally independent “clean” payment service. The company was founded by Sergey Mendeleev, the key architect of Garantex’s infrastructure. The organization operates in the Moscow International Business Center (also known as Moscow-City) and calls itself “the first exchange for importers and exporters.” In practice, however, it is an offshore “cryptolaundromat”: through a network of agents, Russian users can transfer money abroad using a scheme that leaves no trace of cryptocurrency transactions in Russian banks.

Investigators contacted Exved via Telegram, posing as a fictitious Hong Kong electronics exporter. They were offered the following scheme: Russian clients transfer rubles to Feilian Company Limited, a Hong Kong-registered company, into an account at Russia’s Alfa-Bank, and the Hong Kong-based Feilian converts the funds and sends them from its foreign account to the exporter — in dollars, yuan, or USDT.

A representative of the exchange told investigators that Russian banks see the Russian part of the transfer as a deposit to a foreign company’s account. The foreign part, meanwhile, is processed separately — without any mention of Russia or rubles — through offshore accounts in Hong Kong, Dubai, or Thailand. Exporters are asked to conceal any traces of ties to Russia. Agents warn that otherwise banks may refuse payments and blacklist the company.

Company representatives did not directly answer investigators’ questions about whether their services could be used to import dual-use goods into Russia, but their statements indicate that the company and its intermediaries regularly facilitate trade in dual-use goods, bypassing banking controls and customs oversight.

“We have a ton of clients, Russian importers, who import dual-use goods from China, Hong Kong, and Taiwan. Whether it’s telecommunications, microprocessors... We have multimillion-dollar experience, annual and so on,” Tatiana, a compliance specialist, told investigators.

The crypto wallet provided by exchange employees for a test transaction is linked to the Garantex Europe wallet, which appeared on US and European sanctions lists. This allowed investigators to confirm that Exved is part of the same network.

Exved conducts all its business via Telegram: there they attract clients, sign contracts, and exchange wallet addresses. The Sprintex and ABCEX projects operate according to the same scheme and are also linked to Exved: they use shared contacts and bots, and are registered at the same Moscow-City addresses. In total, about 20 such exchanges operate in Moscow-City.

Abroad, after sanctions were imposed, Garantex began operating under the MKAN Coin brand. It first appeared in Dubai, then in Brazil, Kyrgyzstan, Spain, Thailand, and Georgia. It uses Garantex’s infrastructure, personnel, bots, and behavioral models.

Another foreign brand linked to the exchange is Indefiti, whose structures appeared in Brazil and Spain. They resemble the InDeFi SmartBank project — a partner of Exved in the decentralized finance (DeFi) sector, founded by Sergey Mendeleev together with Alexander Lebedev (a former KGB and SVR officer). Indefiti and InDeFi SmartBank share a common goal — to create a decentralized non-bank financial infrastructure that bypasses traditional financial oversight. Indefiti Brazil and MKAN Coin are also connected through shared participants.

There is also the Grinex crypto exchange operating on the blockchain — a rebranding of Garantex, where user balances were transferred. By April 2025, more than 41.7 million USDT had passed through Grinex.

Garantex had been under US sanctions since 2022, but its existence under the old brand was only ended in the spring of 2025. At that time, law enforcement agencies on three continents conducted a coordinated operation against the crypto exchange. They managed to block the main domains, seize servers, and detain several individuals involved. Among them was the exchange’s system administrator, Alexey Beschokov (Beshchekov), who was arrested in India. Last week, Baza, Shot and Telegram channel VChK-OGPU reported that he died in prison while awaiting extradition to the United States.

One of the exchange’s founders, Alexander Mira Serda, avoided arrest and continued working from the UAE. Both were charged with conspiracy to illegally transfer funds and launder money.

In August 2025, the US Treasury (OFAC) added Garantex’s successors — Grinex, Exved, InDeFi Bank — as well as the exchange’s leaders — Sergey Mendeleev, Alexander Mira Serda, and Pavel Karavatsky — to the sanctions lists. However, the structures continue to operate.