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>>Elliptic Flags' Network of Russian-Based Cryptocurrency Platforms Evading International Sanctions

Elliptic Flags' Network of Russian-Based Cryptocurrency Platforms Evading International Sanctions

crypthub

about 6 hours ago

Russian Crypto Exchanges Bypass Sanctions

Elliptic flagged five Russian‑linked crypto exchanges that move funds around Western sanctions. Only Bitpapa is officially sanctioned, yet all five handle large transactions for prohibited parties. After enforcement actions, activity simply shifts to other services, keeping the flow alive.

Key Platforms and Transaction Patterns

Bitpapa sent about 9.7% of its outgoing payments to sanctioned entities and rotates wallet addresses to hide activity. Unsanctioned ABCeX, operating from Moscow’s Federation Tower, has processed over $11 billion, channeling money to Garantex and Aifory Pro. Exmo, despite claiming an exit from Russia, shares custodial infrastructure and moved $19.5 million to banned exchanges, while Rapira transferred $72 million directly to Grinex. Aifory Pro provides cash‑to‑crypto services and virtual USDT cards, linking nearly $2 million to Iran’s Abantether.

Regulatory Response and Impact

European officials are considering a blanket ban on crypto transactions with Russia as a countermeasure. Following Garantex’s shutdown, illicit transaction volumes rose, with Chainalysis reporting a record $154‑$158 billion in 2025. Russia’s mining firms BitRiver and Intelion generated $200 million, showing that sanctions reshape rather than halt illicit crypto activity.