A group of cryptocurrency exchanges linked to Russia is helping users move funds outside the reach of Western financial restrictions, according to a report released Saturday by blockchain analytics firm Elliptic.
Key Takeaways:
- Elliptic identified five Russia-linked crypto exchanges providing pathways to bypass Western sanctions.
- Only one platform is formally sanctioned, yet several processed large transactions with restricted entities.
- Activity has shifted across multiple services, suggesting enforcement actions redirect rather than halt flows.
The study identifies five trading platforms, most of them not formally sanctioned, that continue to provide channels for high-volume crypto transactions beyond the oversight of the traditional banking system.
The findings arrive as European officials consider tighter measures, including a potential blanket ban on crypto transactions involving Russia, amid concerns that new platforms are emerging to replace previously targeted operators.
Elliptic: Nearly 10% of Bitpapa Transactions Tied to Sanctioned Targets
Among the exchanges examined, only the peer-to-peer marketplace Bitpapa is under US sanctions.
The US Treasury’s Office of Foreign Assets Control (OFAC) designated the platform in March 2024 for alleged sanctions evasion.
Elliptic found that about 9.7% of Bitpapa’s outgoing transactions were linked to sanctioned entities and that the exchange frequently rotated wallet addresses to make monitoring more difficult.
The report also highlights ABCeX, an unsanctioned exchange operating from Moscow’s Federation Tower, the same building previously used by Garantex before US authorities seized its domains in March 2025.
Elliptic estimates ABCeX has processed at least $11 billion in crypto, with significant transfers flowing to Garantex and another exchange, Aifory Pro.
Another case involves Exmo, which said it exited the Russian market after the 2022 invasion of Ukraine by selling its regional operations to a separate entity, Exmo.me.
Elliptic’s analysis suggests operational ties remain: both services appear to share custodial infrastructure and pooled hot wallets.
The firm recorded more than $19.5 million in transactions between Exmo and sanctioned exchanges, including Garantex, Grinex and Chatex.
Rapira, registered in Georgia but maintaining a Moscow office, was also flagged after sending over $72 million directly to sanctioned exchange Grinex.
Authorities in Russia reportedly raided Rapira’s offices in late 2025 over suspected capital transfers to Dubai.
The fifth platform, Aifory Pro, operates cash-to-crypto services in Moscow, Dubai and Turkey.
The company reportedly offers virtual payment cards funded with USDT that allow Russian users to access services restricted by Western providers. Elliptic also traced nearly $2 million from Aifory Pro to the Iranian exchange Abantether.
Sanctions Shift Activity, Illicit Crypto Volume Hits Record High
Researchers say the network illustrates how enforcement actions can shift activity rather than eliminate it.
After the shutdown of Garantex, transaction volumes rose on other exchanges, according to data from multiple analytics firms.
Chainalysis reported that illicit crypto addresses received a record $154 billion in 2025, while TRM Labs produced a similar estimate of $158 billion.
As reported, Russia’s industrial crypto mining sector continued to expand in 2024, with the country’s two largest operators, BitRiver and Intelion, generating a combined $200 million in revenue and accounting for more than half of the legal market.
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