Five Crypto Exchanges Help Russia Evade Sanctions: Elliptic

Elliptic report links five crypto exchanges to Russia sanctions evasion, highlighting regulatory pressure, compliance challenges, transaction monitoring risks, and global scrutiny.

Elliptic report links five crypto exchanges to Russia sanctions evasion, raising regulatory concerns, compliance risks, and cross-border transaction scrutiny worldwide. A new report by Elliptic shows rising risks in crypto markets. Specifically, it makes links between several exchanges and ongoing Russia sanctions evasion.

Elliptic Identifies Exchanges in Russia Sanctions Evasion Network

According to Elliptic, five crypto platforms allow cross-border fund movement. Moreover, most entities are unsanctioned despite having been alleged to have high-volume transactions globally. Subsequently, it has worried regulators that digital channels could get around the traditional banking oversight.

Related Reading: New Russian Crypto Rules Could Limit Access to Foreign Exchanges | Live Bitcoin News

Meanwhile, the European Union considers wider limits on Russia-linked crypto activity. Additionally, policymakers want to avoid copycat services from replacing sanctioned operators. Therefore, compliance expectations for exchanges and brokers are increasing even more.

The report describes how rubles are converted into cryptoassets via these services. Subsequently, funds are transferred internationally and then converted through overseas brokers or exchanges.

Bitpapa is a company registered in the United Arab Emirates, but it mainly focuses on users in Russia. Previously, the Office of Foreign Assets Control had sanctioned Bitpapa in March 2024 over evasion concerns. Elliptic estimates that 9.7% of funds leaving reached sanctioned destinations directly.

Furthermore, Elliptic explains constant wallet rotation aimed at deterring monitoring systems. Thus, tracing counterparties and identifying the origins of Russian funds is becoming more difficult.

TRM Labs reported increased volumes after Garantex closed for business in March 2025. Similarly, ABCeX has its office in Federation Tower, which was previously associated with Garantex. Estimates by Elliptic show that ABCeX processed at least $11 billion in crypto transactions.

Exmo stated that it has left Russia by selling its regional operations in 2022. However, Elliptic proposes that both entities still share custodial wallet infrastructure. Moreover, more than $19.5 million was transferred between Exmo and sanctioned exchanges.

Rapira And Other Services Draw Continued Regulatory Attention

Rapira, which was registered in Georgia, reportedly continued its activities through an office in Moscow. Elliptic recorded more than $72 million sent to the sanctioned exchange Grinex. Later, Rapira offices were raided by Russian authorities because of suspected Dubai transfers.

The results suggest the use of sanctions evasion networks is alive and well in crypto markets. Therefore, the regulators keep increasing monitoring tools and cross-border enforcement coordination.

The detailed study of transaction flows and exchange connections was published by Elliptic. Furthermore, the report draws patterns after the enforcement actions of Garantex. The document can be found on Elliptic’s official research blog online.

Since 2022, authorities around the world turned a greater focus on financial activity linked to Russia. Moreover, crypto services are increasingly emerging in cross-border enforcement investigations across the world.

However, enforcement results are based on evidence, jurisdictional cooperation and legal processes. Meanwhile, exchanges mentioned in reports may respond to allegations or explain operations. Further disclosures and regulatory actions will make future market responses.

Consequently, compliance standards and transaction monitoring technologies continue to evolve at a high pace all around the world. In addition, there is an increasing cooperation between regulators and analytics providers.

Overall, the Elliptic report strengthens concerns that digital asset infrastructure can be misused in the absence of oversight, transparency, and cross-border regulatory coordination to keep up with rapidly changing technologies for transactions around the world.