Blockchain analytics firm Elliptic has identified a group of Russia-linked cryptocurrency platforms that are helping users move funds beyond Western sanctions.
The report found five crypto exchanges connected to Russia that continue to process large transactions. Only one of them, Bitpapa, is officially under US sanctions. However, several others have still handled funds linked to restricted entities.
According to the report, nearly 10% of Bitpapa’s outgoing transactions were connected to sanctioned targets. The platform also rotated wallet addresses often, which made it harder for authorities to track activity.
Another exchange, ABCeX, has processed at least $11 billion in crypto transactions. It operates from Moscow’s Federation Tower, the same building previously used by Garantex before its domains were seized in 2025. Elliptic found that ABCeX sent large transfers to Garantex and other platforms.
The report also flagged Exmo and its regional service Exmo.me. Although Exmo said it left Russia in 2022, Elliptic found both platforms still shared infrastructure. Over $19.5 million in transactions moved between Exmo and sanctioned exchanges.
Another platform, Rapira, reportedly sent more than $72 million to sanctioned exchange Grinex. Authorities later raided Rapira’s offices over suspected illegal transfers. Meanwhile, Aifory Pro was found to offer crypto-funded payment cards that allow users to access restricted services.
Elliptic said these platforms show how sanctions often push activity to new exchanges instead of stopping it completely. After Garantex was shut down, crypto activity increased on other services.
Other blockchain firms, including Chainalysis and TRM Labs, also reported record levels of illicit crypto transactions in 2025. Despite restrictions, Russia’s crypto sector continues to grow, showing that enforcement remains a challenge.
