An investigation by Elliptic uncovers how five crypto platforms are aiding Russian funds in circumventing international financial controls, raising concerns over digital-asset market vulnerabilities amid ongoing sanctions efforts.
An investigation by blockchain analytics firm Elliptic has flagged five cryptocurrency platforms as playing a role in schemes that move Russian funds around international financial controls, a finding that adds fresh scrutiny to how digital-asset markets can be used to skirt sanctions.
Elliptic’s research names Bitpapa, ABCeX, Exmo, Rapira and Aifory Pro as hubs that facilitate ruble-to-crypto conversions and onward transfers to overseas venues and counterparties. According to Elliptic, the networks enable rapid conversion of Russian currency into stablecoins and other tokens, frequent rotation of custodial addresses to frustrate tracing, and the use of intermediaries such as virtual payment cards to conceal end points.
The report says Bitpapa , which the U.S. Treasury’s Office of Foreign Assets Control designated in March 2024 , directed about 9.7% of outbound crypto funds to OFAC-sanctioned destinations, illustrating how a sanctioned actor can still form part of wider value chains. Elliptic further estimates ABCeX, operating from Moscow’s Federation Tower, has processed at least $11 billion in crypto volume, with material flows to platforms linked to the now-disrupted exchange Garantex and to Aifory Pro. Exmo, despite public statements that it exited the Russian market in 2022, is reported by Elliptic to share custodial wallet infrastructure with services that continued business relating to sanctioned entities, with more than $19.5 million reportedly transferred between those wallets and sanctioned exchanges. Rapira, registered in Georgia but with operations in Moscow, is said to have routed more than $72 million to the sanctioned exchange Grinex. Aifory Pro is described as providing on-ramps in Moscow, Dubai and Turkey and issuing USDT-funded virtual cards that can be used to circumvent service restrictions.
Elliptic’s findings come amid wider shifts in how Russia-linked actors have adapted since the removal of several major local services. Industry analysis from Elliptic and others traces a migration of flows after Garantex was disrupted in March 2025, with new venues and ruble-backed stablecoins emerging to preserve cross-border purchasing power. Elliptic also cites the practice of rapid wallet churn and the routing of funds through multiple overseas brokers and exchanges as recurrent tactics that complicate conventional transaction-monitoring techniques.
The report arrives against a backdrop of intensified government action. The U.S. and allied authorities have previously sanctioned a number of fintech and crypto-related firms accused of facilitating sanctioned actors’ access to global markets, and Treasury officials have said they are focused on dismantling networks that exploit digital currencies for illicit ends. According to coverage by the Associated Press, U.S. enforcement actions since 2024 have targeted firms and individuals alleged to have enabled digital currency payments for Russia-linked institutions, while U.S. officials have also cautioned that crypto is only one part of a broader evasion picture.
Regulators in the European Union are reported to be weighing tighter restrictions on Russia-linked crypto activity, concerned that banning one service can simply produce “copycat” alternatives that continue to provide similar capabilities. Industry participants and compliance specialists say that the evolving landscape places growing demands on exchanges and brokers to strengthen know‑your‑customer procedures, transaction screening and cooperation with cross-border investigations.
Elliptic’s study synthesises on‑chain transaction flows, custodial wallet linkages and observable business footprints to map the connections. The analytics firm also highlights the limits of current monitoring: when services employ frequent address rotation, offshore registration and third‑party liquidity providers, tracing ultimate beneficiaries becomes more resource intensive and legally complex.
The firms named in the report may dispute or contextualise the findings, and enforcement outcomes typically rely on multijurisdictional cooperation and legal processes. Industry watchers expect increased pressure on virtual asset service providers to demonstrate robust compliance controls and to share data with authorities. At the same time, analytics providers and regulators are stepping up technical tools and information sharing to detect patterns associated with sanctions evasion.
Elliptic’s publication reinforces a persistent concern for policymakers and financial investigators: that without sustained regulatory coordination and improved transparency in digital-asset infrastructure, determined actors can redeploy to alternate platforms and instruments, undermining the effectiveness of sanctions aimed at isolating targeted institutions and individuals.
- https://www.livebitcoinnews.com/five-crypto-exchanges-help-russia-evade-sanctions-elliptic/ – Please view link – unable to able to access data
- https://www.theblock.co/post/390709/five-crypto-exchanges-are-helping-russia-evade-sanctions-filling-garantexs-void-elliptic – Elliptic’s report identifies five Russia-linked crypto exchanges facilitating sanctions evasion: Bitpapa, ABCeX, Exmo, Rapira, and Aifory Pro. Bitpapa, sanctioned by the U.S. Treasury in March 2024, has 9.7% of its outgoing crypto funds directed to OFAC-sanctioned targets. ABCeX, operating from Moscow’s Federation Tower, has processed at least $11 billion in crypto, with significant volumes flowing to Garantex and Aifory Pro. Exmo, despite claiming to have exited Russia, shares custodial wallet infrastructure with Exmo.me, conducting over $19.5 million in transactions with sanctioned entities. Rapira, registered in Georgia with a Moscow office, has transacted over $72 million directly with sanctioned exchange Grinex. Aifory Pro offers cash-to-crypto services in Moscow, Dubai, and Turkey, providing virtual payment cards funded with USDT to bypass service restrictions. ([theblock.co](https://www.theblock.co/post/390709/five-crypto-exchanges-are-helping-russia-evade-sanctions-filling-garantexs-void-elliptic?utm_source=openai))
- https://www.aicoin.com/en/news-flash/2765496 – Elliptic’s report highlights five crypto exchanges—Bitpapa, ABCeX, Exmo, Rapira, and Aifory Pro—that continue to facilitate Russian sanctions evasion. Bitpapa, sanctioned by the U.S. Treasury in March 2024, has 9.7% of its outgoing crypto funds directed to OFAC-sanctioned targets. ABCeX, operating from Moscow’s Federation Tower, has processed at least $11 billion in crypto, with significant volumes flowing to Garantex and Aifory Pro. Exmo, despite claiming to have exited Russia, shares custodial wallet infrastructure with Exmo.me, conducting over $19.5 million in transactions with sanctioned entities. Rapira, registered in Georgia with a Moscow office, has transacted over $72 million directly with sanctioned exchange Grinex. Aifory Pro offers cash-to-crypto services in Moscow, Dubai, and Turkey, providing virtual payment cards funded with USDT to bypass service restrictions. ([aicoin.com](https://www.aicoin.com/en/news-flash/2765496?utm_source=openai))
- https://www.elliptic.co/blog/elliptics-typologies-report-disrupting-the-use-of-stablecoins-by-sanctioned-actors – Elliptic’s typologies report examines the use of stablecoins by sanctioned actors, focusing on Russian sanctions evasion. In June 2025, the U.S. Department of Justice indicted Iurii Gugnin for allegedly operating a $500 million stablecoin-based sanctions evasion network. Gugnin used Tether (USDT) to enable clients of sanctioned Russian banks to finance purchases by converting USDT into dollars at U.S.-based virtual asset service providers. Garantex, a Russia-based crypto exchange, played a central role in facilitating over $60 billion in cryptoasset transactions for Russia-linked individuals and entities, even after being sanctioned in 2022. Following Garantex’s disruption in March 2025, Russian actors shifted to new exchanges like Grinex, issuing ruble-backed stablecoins to maintain financial transactions despite sanctions. ([elliptic.co](https://www.elliptic.co/blog/elliptics-typologies-report-disrupting-the-use-of-stablecoins-by-sanctioned-actors?utm_source=openai))
- https://whale-alert.io/stories/d68d01d7a6170f/Elliptic-Five-exchanges-Bitpapa-ABCeX-Exmo-Rapira-Aifory-Pro-enable-ruble-to-crypto-conversions-used-to-evade-sanctions-including-USDT-virtual-cards – Elliptic’s report identifies five crypto exchanges—Bitpapa, ABCeX, Exmo, Rapira, and Aifory Pro—that facilitate ruble-to-crypto conversions enabling sanctions evasion. Bitpapa, already sanctioned by the U.S. Treasury in March 2024, rotates wallet addresses to evade detection. ABCeX, operating from Moscow’s Federation Tower, has processed at least $11 billion in crypto, with significant amounts sent to Garantex and Aifory Pro. Exmo shares custodial wallet infrastructure with Exmo.me, conducting over $19.5 million in transactions with sanctioned entities. Rapira routed over $72 million to sanctioned exchange Grinex. Aifory Pro provides USDT virtual payment cards to bypass service restrictions. ([whale-alert.io](https://whale-alert.io/stories/d68d01d7a6170f/Elliptic-Five-exchanges-Bitpapa-ABCeX-Exmo-Rapira-Aifory-Pro-enable-ruble-to-crypto-conversions-used-to-evade-sanctions-including-USDT-virtual-cards?utm_source=openai))
- https://apnews.com/article/e4e1154c86e5958621f96b6d8afea0ef – In March 2024, the U.S. imposed sanctions on 13 fintech firms and two individuals, primarily based in Russia, for allegedly aiding in sanctions evasion through blockchain and virtual currency systems. These entities were accused of facilitating digital currency payments for Russia’s financial sector, potentially enabling evasion of sanctions imposed following Russia’s 2022 invasion of Ukraine. Among the sanctioned were Moscow-based fintech firms and a Russia-UAE virtual currency exchange. While some experts suggest Russia may increasingly turn to cryptocurrency to maintain financial operations under sanctions, U.S. Treasury officials argue that crypto is not a major driver of sanctions evasion. Treasury Under Secretary Brian E. Nelson emphasized efforts to disrupt financial technology networks aiding sanctioned Russian institutions. The State Department echoed this stance, highlighting the move as part of the G7’s broader commitment to block Russia’s access to the international financial system over its continued war in Ukraine. ([apnews.com](https://apnews.com/article/e4e1154c86e5958621f96b6d8afea0ef?utm_source=openai))
- https://apnews.com/article/c16d796368e072d3cbc64e8872da977c – In September 2024, the U.S. government imposed sanctions on a cryptocurrency exchange network accused of aiding Russian cybercrime as part of a broader crackdown. The Treasury Department targeted Sergey Ivanov, an alleged Russian hacker, and Cryptex, a virtual currency exchange registered in St. Vincent and the Grenadines but operating in Russia. Ivanov is accused of laundering hundreds of millions of dollars over two decades, including profits from Joker’s Stash—a darknet marketplace for stolen credit card information created by Timur Shakhmametov. The U.S. State Department offered a $10 million reward for information leading to their arrest, while an indictment was unsealed by the U.S. Attorney’s Office in Virginia. This move coincides with President Biden’s meeting with Ukrainian President Volodymyr Zelenskyy to announce increased security assistance. The Biden administration reiterated its commitment to imposing costs on Russia for its invasion of Ukraine and curbing its cybercriminal networks. ([apnews.com](https://apnews.com/article/c16d796368e072d3cbc64e8872da977c?utm_source=openai))
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article was published on February 23, 2026, and reports on a recent investigation by Elliptic, a blockchain analytics firm, into five cryptocurrency platforms facilitating Russian sanctions evasion. ([crowdfundinsider.com](https://www.crowdfundinsider.com/2026/02/263391-blockchain-analytics-firm-elliptic-exposes-ongoing-russia-linked-crypto-services-driving-sanctions-evasion/?utm_source=openai)) Similar reports have appeared in other reputable sources, such as The Block and CoinTribune, indicating that the information is current and not recycled. ([theblock.co](https://www.theblock.co/post/390709/five-crypto-exchanges-are-helping-russia-evade-sanctions-filling-garantexs-void-elliptic?utm_source=openai))
Quotes check
Score:
7
Notes:
The article includes specific figures and claims, such as ‘Bitpapa… directed about 9.7% of outbound crypto funds to OFAC-sanctioned destinations’ and ‘Exmo… shared custodial wallet infrastructure with services that continued business relating to sanctioned entities, with more than $19.5 million reportedly transferred between those wallets and sanctioned exchanges.’ ([crowdfundinsider.com](https://www.crowdfundinsider.com/2026/02/263391-blockchain-analytics-firm-elliptic-exposes-ongoing-russia-linked-crypto-services-driving-sanctions-evasion/?utm_source=openai)) These figures are consistent with those reported in other sources, suggesting accuracy. However, without direct access to Elliptic’s original report, the exact wording of these claims cannot be independently verified.
Source reliability
Score:
6
Notes:
The article originates from Live Bitcoin News, a niche publication focusing on cryptocurrency news. While it provides detailed information, the site’s reputation and editorial standards are not as well-established as major news organisations. The article cites Crowdfund Insider, a more reputable source, which adds credibility. ([crowdfundinsider.com](https://www.crowdfundinsider.com/2026/02/263391-blockchain-analytics-firm-elliptic-exposes-ongoing-russia-linked-crypto-services-driving-sanctions-evasion/?utm_source=openai))
Plausibility check
Score:
8
Notes:
The claims made in the article align with known patterns of sanctions evasion using cryptocurrency. The specific figures and tactics described are plausible and consistent with previous reports on similar activities. However, without access to Elliptic’s original report, some details cannot be fully verified.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article provides current and plausible information about cryptocurrency platforms facilitating Russian sanctions evasion, with details consistent across multiple sources. However, the reliance on a niche publication and the inability to access Elliptic’s original report limit the ability to fully verify the claims. Editors should exercise caution and consider seeking additional verification from more established sources before publishing.