Five cryptocurrency exchanges are reportedly enabling Russians to bypass international sanctions, stepping in after the shutdown of the Russian platform Garantex last year, according to blockchain analytics firm Elliptic.
In a report released Saturday, Elliptic said the exchanges Bitpapa, ABCeX, Exmo, Rapira and Aifory Pro facilitate conversions from Russian rubles into crypto assets. These digital assets can then be transferred across borders without intermediaries and exchanged for other fiat currencies.
“Despite increasing regulatory scrutiny, many of these exchanges — some formally registered outside Russia — continue to handle significant volumes of crypto trading tied to sanctioned entities,” the firm stated.
The network is said to have emerged after authorities shut down Garantex’s website in March. The exchange had been heavily sanctioned in mid-2022 for processing crypto linked to illicit activities and for helping Russia evade sanctions imposed following its invasion of Ukraine.
Meanwhile, blockchain data firm Chainalysis reported last month that sanctions have driven the total value of cryptocurrency received by illicit addresses in 2025 to a record $154 billion, citing “unprecedented volumes associated with nation-states.”
Among the exchanges named, Bitpapa is the only one that has already been sanctioned. The U.S. Treasury’s Office of Foreign Assets Control designated Bitpapa in March 2024 for allegedly supporting sanctions evasion.
Elliptic also found that roughly 9.7% of Bitpapa’s outgoing crypto flows were sent to OFAC-sanctioned entities, adding that the exchange “manages its wallets specifically to evade sanctions enforcement by constantly rotating addresses.”
Elliptic reported that ABCeX operates from an office in Moscow’s Federation Tower — the same building where Garantex was previously based. The firm said ABCeX has processed at least $11 billion in cryptocurrency transactions, with “significant amounts” flowing to Garantex and Aifory Pro.
In what it described as its most notable finding, Elliptic alleged that Exmo continues to operate in Russia, despite previously announcing it had exited the market following the invasion of Ukraine by selling its Russian operations to Exmo.me. According to the report, Exmo.com and Exmo.me “continue to share the same custodial wallet infrastructure,” allowing funds from the Russia-facing platform to be mixed with those of the Western-facing entity. The two platforms have reportedly conducted more than $19.5 million in direct transactions with sanctioned entities.
Elliptic also examined Rapira, a Georgia-based exchange with an office in Moscow, claiming it carried out more than $72 million in direct transactions with Grinex, described as Garantex’s successor.
Another platform highlighted was Aifory Pro, which operates in Moscow, Dubai and Türkiye. Elliptic said the exchange “explicitly facilitates the bypass of service restrictions” by offering virtual payment cards funded with Tether (USDT) that can be used to pay for foreign services otherwise blocked in Russia.
Amid growing crypto adoption among Russians, the country’s finance ministry and central bank have reportedly urged the government to accelerate the rollout of cryptocurrency regulations.
Meanwhile, the European Union is expected to advance a new sanctions package that would prohibit all crypto-related transactions with Russia — a sweeping measure aimed at further restricting the country’s access to digital asset infrastructure.
