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Elliptic Flags Network of Russian Crypto Platforms Bypassing Sanctions

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A bunch of cryptocurrency exchanges linked to Russia helps customers transfer funds exterior the attain of Western monetary restrictions, in accordance with a report launched Saturday by blockchain analytics agency Elliptic.

Key Takeaways:

  • Elliptic recognized 5 Russia-linked crypto exchanges offering pathways to bypass Western sanctions.
  • Only one platform is formally sanctioned, but a number of processed massive transactions with restricted entities.
  • Activity has shifted throughout a number of providers, suggesting enforcement actions redirect slightly than halt flows.

The study identifies five trading platforms, most of them not formally sanctioned, that proceed to offer channels for high-volume crypto transactions past the oversight of the standard banking system.

The findings arrive as European officers think about tighter measures, together with a possible blanket ban on crypto transactions involving Russia, amid considerations that new platforms are rising to exchange beforehand focused operators.

Elliptic: Nearly 10% of Bitpapa Transactions Tied to Sanctioned Targets

Among the exchanges examined, solely the peer-to-peer market Bitpapa is underneath US sanctions.

The US Treasury’s Office of Foreign Assets Control (OFAC) designated the platform in March 2024 for alleged sanctions evasion.

Elliptic discovered that about 9.7% of Bitpapa’s outgoing transactions have been linked to sanctioned entities and that the trade continuously rotated pockets addresses to make monitoring harder.

The report additionally highlights ABCeX, an unsanctioned trade working from Moscow’s Federation Tower, the identical constructing beforehand utilized by Garantex earlier than US authorities seized its domains in March 2025.

Elliptic estimates ABCeX has processed a minimum of $11 billion in crypto, with important transfers flowing to Garantex and one other trade, Aifory Pro.

Another case includes Exmo, which stated it exited the Russian market after the 2022 invasion of Ukraine by promoting its regional operations to a separate entity, Exmo.me.

Elliptic’s evaluation suggests operational ties stay: each providers seem to share custodial infrastructure and pooled scorching wallets.

The agency recorded greater than $19.5 million in transactions between Exmo and sanctioned exchanges, together with Garantex, Grinex and Chatex.

Rapira, registered in Georgia however sustaining a Moscow workplace, was additionally flagged after sending over $72 million on to sanctioned trade Grinex.

Authorities in Russia reportedly raided Rapira’s workplaces in late 2025 over suspected capital transfers to Dubai.

The fifth platform, Aifory Pro, operates cash-to-crypto providers in Moscow, Dubai and Turkey.

The firm reportedly presents digital cost playing cards funded with USDT that enable Russian customers to entry providers restricted by Western suppliers. Elliptic additionally traced almost $2 million from Aifory Pro to the Iranian trade Abantether.

Sanctions Shift Activity, Illicit Crypto Volume Hits Record High

Researchers say the community illustrates how enforcement actions can shift exercise slightly than get rid of it.

After the shutdown of Garantex, transaction volumes rose on different exchanges, in accordance with knowledge from a number of analytics corporations.

Chainalysis reported that illicit crypto addresses obtained a report $154 billion in 2025, whereas TRM Labs produced the same estimate of $158 billion.

As reported, Russia’s industrial crypto mining sector continued to develop in 2024, with the nation’s two largest operators, BitRiver and Intelion, generating a combined $200 million in revenue and accounting for greater than half of the authorized market.

The submit Elliptic Flags Network of Russian Crypto Platforms Bypassing Sanctions appeared first on Cryptonews.

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