Five crypto exchanges are helping Russia evade sanctions, filling Garantex’s void: Elliptic
Elliptic reports five crypto exchanges are aiding Russia's sanctions evasion, filling the gap left by the sanctioned Garantex.Summary
A report by blockchain analytics firm Elliptic reveals that five cryptocurrency exchanges are enabling Russia to circumvent international sanctions through high-volume crypto transactions, providing financial pathways shielded from traditional banking oversight. Only one of the profiled exchanges, Bitpapa, is currently sanctioned by OFAC. The largest unsanctioned exchange, ABCeX, operates from the same location previously used by the seized Garantex and has processed at least $11 billion in crypto. Another platform, Exmo, appears to share infrastructure with its regional sale entity, Exmo.me, and has transacted directly with sanctioned entities. The findings suggest that the shutdown of Garantex has dispersed Russian sanctions evasion infrastructure across these broader platforms. This activity occurs as the EU considers a blanket ban on crypto transactions with Russia to tighten sanctions enforcement.
(Source：The Block)