A new report by blockchain analytics firm Elliptic has revealed that five Russia-linked cryptocurrency exchanges are enabling users to circumvent Western financial sanctions. According to the study, these platforms are facilitating high-volume transactions beyond the oversight of the traditional financial system, raising concerns about ongoing efforts to enforce global sanctions.
Five Exchanges Accused of Sanctions Violations
Among the exchanges scrutinized, only peer-to-peer crypto platform Bitpapa currently appears on the US Treasury’s sanctions list. In March 2024, the US Office of Foreign Assets Control (OFAC) officially blacklisted Bitpapa, accusing it of allowing sanctions evasion. Investigators found that roughly 10% of Bitpapa’s outgoing transactions involved sanctioned entities. Elliptic also noted that Bitpapa regularly changed its wallet addresses, seemingly to evade tracking by authorities.
Findings on ABCeX, Exmo, and Others
Moscow-based ABCeX, which is not under any current sanctions, processed at least $11 billion in crypto transactions according to Elliptic’s analysis. Large volumes were funneled through ABCeX to other platforms such as Garantex and Aifory Pro, both previously shut down by US action. Notably, Garantex once operated from the same building as ABCeX.
Exmo, another exchange, claimed to have sold its Russian operations after the 2022 invasion of Ukraine. However, Elliptic found that operational ties persist between the original platform and Exmo.me, with the two systems sharing custodial infrastructure and hot wallets. Data indicates a total of $19.5 million was transferred between Exmo and exchanges under sanctions. Transactions also traced routes to other blacklisted platforms such as Garantex, Grinex, and Chatex.
Another platform highlighted in the report is Georgia-registered Rapira, which operates an office in Moscow. Rapira is reported to have transferred over $72 million directly to Grinex. The report further notes that, by late 2025, Russian authorities had raided Rapira’s headquarters, suggesting increasing regulatory pressure within Russia itself.
The firm Aifory Pro, which maintains a presence in Moscow, Dubai, and Turkey, was found to offer cash-to-crypto services and provide users with virtual payment cards funded by USDT, a major stablecoin. These services gave clients access to offerings otherwise restricted by Western companies. Elliptic also tracked a $2 million transfer from Aifory Pro to the Iranian exchange Abantether, pointing to broader regional usage.
Sanctions Enforcement Fails to Halt Activity
Elliptic’s analysis indicates that rather than stopping illicit crypto flows, recent sanctions have prompted users to shift activity to alternative exchanges. After Garantex—an earlier sanctions target—shut down in 2025, transaction volumes migrated to other platforms. Other blockchain intelligence firms corroborate this shift; more than $150 billion flowed into illegal crypto addresses in 2025 alone, highlighting the resilience of these networks.
Further data shows that Russian crypto mining companies BitRiver and Intelion generated over $200 million in revenue in 2024, effectively capturing more than half the legitimate domestic market. Despite a tightening sanctions environment, the crypto sector in Russia has continued to flourish, maintaining sophisticated operations and sizable revenues.
Elliptic’s analysts emphasized that sanctions did not diminish overall trading volumes, but instead diverted activity towards new or less-regulated channels.
