What Did Elliptic Find?
A new report from blockchain analytics firm Elliptic concludes that a dispersed group of Russia-linked crypto exchanges continues to move billions of dollars in transactions tied to sanctions evasion, even after high-profile enforcement actions against earlier platforms.
The report profiles five exchanges, most of which remain unsanctioned, that provide financial channels for Russian users outside traditional banking oversight. Only one of the five — peer-to-peer platform Bitpapa — has been formally designated by the U.S. Treasury’s Office of Foreign Assets Control.
The findings arrive as the European Union weighs a blanket ban on all crypto transactions involving Russia, in part to prevent new platforms from filling the gap left by previously sanctioned entities.
Investor Takeaway
How Large Are These Flows?
ABCeX, identified as the largest unsanctioned exchange in the report, has processed at least $11 billion in crypto transactions. The platform operates from Moscow’s Federation Tower — the same building previously occupied by sanctioned exchange Garantex before its domains were seized by U.S. authorities in March 2025.
Elliptic found that substantial volumes from ABCeX flowed to Garantex as well as to another exchange profiled in the report, Aifory Pro. TRM Labs has separately reported that ABCeX and Rapira both saw increased activity after Garantex was shut down.
Rapira, incorporated in Georgia but operating from a Moscow office, transacted more than $72 million directly with sanctioned exchange Grinex. Russian authorities reportedly raided its Moscow offices in late 2025 over suspected capital flight to Dubai.
Bitpapa, sanctioned in March 2024, continues to show exposure. Elliptic found that 9.7% of its outgoing crypto flows were directed to OFAC-sanctioned targets. The exchange also rotates wallet addresses frequently, a tactic designed to complicate monitoring.
Why Is Exmo Drawing Attention?
Exmo presents one of the more complex cases. After Russia’s 2022 invasion of Ukraine, the exchange publicly stated it had exited the Russian market by selling its regional business to a separate entity, Exmo.me.
Blockchain analysis cited by Elliptic shows that the Western-facing Exmo platform and Exmo.me share identical custodial wallet infrastructure, with deposits pooled into the same hot wallets. According to the report, Exmo has conducted more than $19.5 million in direct transactions with sanctioned entities including Garantex, Grinex, and Chatex.
The overlap raises questions about operational separation and whether formal corporate restructuring has meaningfully altered transaction flows.
How Are Services Being Used to Bypass Restrictions?
Aifory Pro operates cash-to-crypto services in Moscow, Dubai, and Turkey. The report states that the platform offers virtual payment cards funded by USDT, allowing Russian users to pay for Western services that are otherwise blocked, including Airbnb and ChatGPT.
Elliptic found that Aifory Pro has also transferred nearly $2 million in crypto to Abantether, an Iranian exchange. The pattern illustrates how crypto rails are being used not only for asset transfers but also for access to restricted digital services.
The broader context points to acceleration. Chainalysis reported in January that illicit crypto addresses received a record $154 billion in 2025. TRM Labs separately estimated illicit crypto volume at $158 billion for the year. Within that landscape, Russia-linked infrastructure appears to be redistributing rather than disappearing.
Investor Takeaway
What Does This Mean for Regulation?
The takedown of Garantex in 2025 was presented as a decisive action. Elliptic’s findings suggest that enforcement has fragmented the ecosystem instead of eliminating it. Multiple mid-sized platforms are now handling flows once concentrated in a single venue.
A senior Russian official acknowledged last year that sanctions cannot fully block Russians from accessing crypto markets. At the same time, Moscow is preparing a broader domestic crypto regulatory framework expected in July, which would establish licensed trading platforms inside the country.
If the European Union proceeds with a full ban on crypto transactions involving Russia, exchanges and service providers outside Russia will face renewed scrutiny over wallet exposure, indirect flows, and compliance controls. The current pattern shows that enforcement pressure is reshaping the network — but not yet shrinking it.
