Bitaigen Research We have examined Elliptic’s latest report to map how several cross‑border exchanges are providing crypto channels for Russia under sanction pressure, dissecting their operating models and regulatory risks so readers can understand the asset‑flow chain in a sanction environment. This article delves into the roles and potential impact of these platforms, helping you grasp industry trends.
In recent years, as sanctions on Russia have intensified, a handful of cryptocurrency platforms have continued to offer trading pathways for restricted entities. Elliptic’s newest report notes that despite a tightening regulatory climate, a small number of exchanges are still assisting Russia in bypassing restrictions, filling the void left by the domestic platform Garantex, which was shut down last year.
Roles of the Five Exchanges
The report lists five exchanges—Bitpapa, ABCeX, Exmo, Rapira, and Aifory Pro—all of which allow Russian rubles to be converted into crypto assets and transferred across borders without intermediaries, after which the crypto can be swapped into other fiat currencies such as USD (US users should use Binance.US rather than the global Binance platform) or transferred via SEPA/SWIFT. Elliptic further explains that most of these platforms are nominally registered outside Russia but still handle large‑scale crypto flows for sanctioned entities.
Regulatory Background and Sanction Impact
In mid‑2022, Garantex was aggressively targeted for allegedly facilitating illegal activity and helping Russia evade sanctions related to Ukraine. In March 2023, Russian regulators shut down its website, creating a market gap. A subsequent Chainalysis report released last month showed that sanctions have driven the total value of crypto received by illicit addresses in 2025 to $154 billion—a historic high—fuelled by a surge in transactions linked to state‑aligned actors.
Specific Exchange Details
- Bitpapa is the only exchange in Elliptic’s dataset that appears on the U.S. Treasury’s Office of Foreign Assets Control (OFAC) sanctions list (March 2024). Approximately 9.7 % of its transaction volume is directed toward OFAC‑sanctioned targets, and the platform frequently rotates wallet addresses to evade enforcement.
*Illustration: Bitpapa counterparties network, highlighting sanctioned entities and those assessed by Elliptic as “high risk.”*
- ABCeX has established an office in the Moscow Federal Building, occupying the same premises formerly used by Garantex. The exchange has processed over $11 billion in crypto assets to date, with a substantial portion flowing to Garantex and Aifory Pro.
- Exmo claims to have sold its Russian operations to Exmo.me and exited the market after the Russia‑Ukraine conflict began. However, Elliptic discovered that Exmo.com and Exmo.me still share the same custodial wallet infrastructure, resulting in commingled funds destined for Russian users and Western users, and the platforms have completed more than $19.5 million in direct transactions with sanctioned entities.
- Rapira is headquartered in Georgia with a branch in Moscow. It reportedly conducts direct trade with the exchange Grinex—considered a successor to Garantex—for volumes exceeding $72 million.
- Aifory Pro serves markets in Moscow, Dubai, and Turkey, offering virtual payment cards backed by USDT. The service explicitly assists users in circumventing service restrictions, enabling payments for overseas services that are blocked within Russia.
Domestic Regulatory Developments in Russia
Earlier this month, the Russian Ministry of Finance and the Central Bank called for an accelerated rollout of a comprehensive crypto regulatory framework, citing rapidly growing domestic demand for digital assets. At the same time, the European Union plans to adopt a sweeping sanction package on Monday that would prohibit all crypto transactions linked to Russia, aiming to cut off the country’s access to related technologies.
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This concludes Elliptic’s detailed analysis of how cryptocurrency exchange networks assist Russia in evading international sanctions. For further information on this conduit, follow Bitaigen’s (BitRoot) upcoming coverage.
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