A cryptocurrency analytics firm reports that five exchanges are allegedly facilitating Russian sanctions evasion. The network, including Bitpapa, ABCeX, Exmo, Rapira, and Aifory Pro, reportedly emerged after the sanctioned exchange Garantex was taken down. These platforms allow ruble-to-crypto conversions, enabling funds to cross borders and be converted to other currencies, according to the investigation.
Five cryptocurrency exchanges are allegedly helping Russians skirt international sanctions. This network reportedly fills a vacuum left by the Russian exchange Garantex after its website was taken down last March.
The analytics firm said in a report that the exchanges Bitpapa, ABCeX, Exmo, Rapira, and Aifory Pro facilitate Russian ruble-to-crypto conversions. Crypto can then be transferred across borders and converted to another fiat currency without intermediaries.
“Despite growing regulatory pressure, many of these exchanges, some with nominal registrations outside Russia, still facilitate high volumes of cryptoasset trading linked to sanctioned entities,” the company stated. The network reportedly sprang up after authorities took down Garantex, which was sanctioned in 2022 for facilitating illicit activity.
Bitpapa is the only exchange already sanctioned by the U.S. Treasury’s Office of Foreign Assets Control. The firm found around 9.7% of Bitpapa’s outgoing crypto funds are destined for sanctioned targets.
The company reported that ABCeX operates from the same Moscow tower as Garantex and has processed at least $11 billion in crypto. It said Exmo still operates in Russia despite claims it exited, with its platforms sharing wallet infrastructure and conducting over $19.5 million in transactions with sanctioned entities.
Rapira, based in Georgia with a Moscow office, engaged in over $72 million in direct transactions with the sanctioned exchange Grinex. Aifory Pro serves Moscow, Dubai, and Türkiye and offers virtual payment cards using USDT to bypass service restrictions in Russia.
Russia’s finance ministry and central bank had reportedly called for faster crypto regulations this month due to booming adoption. The European Union is also aiming to pass a sanctions package that would ban all crypto transactions with Russia.
