Elliptic flags Russia-linked crypto exchanges over sanctions exposure risks

Blockchain analytics firm Elliptic released a report indicating that several cryptocurrency exchanges tied to Russia are still enabling transactions that bypass Western sanctions imposed after the 2022 Ukraine invasion. These platforms allow users to convert rubles into crypto, move funds internationally outside traditional banking, and cash out via overseas brokers, complicating sanctions enforcement. The report specifically highlighted exchanges like Bitpapa, which was sanctioned by OFAC in March 2024, noting that a significant portion of its outgoing flows went to sanctioned entities like Garantex. Other named platforms include ABCeX, Rapira, and Aifory Pro, which process substantial volumes, often interacting with sanctioned exchanges. This finding underscores the persistent role of crypto infrastructure in facilitating cross-border financial activity for sanctioned actors despite increased regulatory scrutiny.

(Source：CoinDesk)