Russia-linked cryptocurrency services and sanctions evasion

2 days ago

Cryptoasset exchanges with ties to Russia help circumvent international sanctions by enabling cross-border transactions outside traditional banking systems.
Fiat currencies like rubles can be converted into cryptoassets and transferred internationally without intermediaries, then converted back to local currency.
Many exchanges, some registered outside Russia, still facilitate high volumes of crypto trading linked to sanctioned entities.
Bitpapa, a UAE-registered P2P exchange, was sanctioned by OFAC for aiding Russian sanctions evasion, with 9.7% of its outgoing crypto going to sanctioned entities.
Bitpapa uses wallet rotation to evade detection and hide the Russian origin of funds.
ABCeX, operating in Moscow, processes billions in cryptoassets, with significant amounts sent to sanctioned exchanges like Garantex and Aifory Pro.
Exmo claims to have exited the Russian market but shares wallet infrastructure between its platforms, allowing co-mingling of Russian and Western funds.
Exmo has conducted over $19.5 million in transactions with sanctioned entities.
Rapira, a Georgia-incorporated exchange with a Moscow office, has transacted over $72 million with the sanctioned exchange Grinex.
Aifory Pro offers cash-to-crypto services and facilitates bypassing service restrictions in Russia, with links to Iranian exchange Abantether.

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