A new investigation by blockchain analytics firm Elliptic has identified five crypto exchanges allegedly helping Russian entities bypass international sanctions, highlighting how digital assets remain a financial workaround amid tightening restrictions.
The report suggests that after the shutdown of Garantex in March 2025, activity did not disappear but instead shifted to other platforms. Among them, ABCeX stands out, reportedly processing at least $11 billion in crypto transactions from offices in Moscow’s Federation Tower. Significant flows were traced between ABCeX and previously sanctioned entities.
Unsanctioned Platforms and Shared Infrastructure Concerns
Another exchange, Exmo, publicly stated it exited the Russian market following the 2022 invasion of Ukraine. However, on chain data indicates its Western and Russian facing operations continue to share wallet infrastructure. Elliptic also reported direct transactions between Exmo and sanctioned exchanges.
Peer to peer platform Bitpapa, already sanctioned by OFAC, was found routing nearly 10% of outgoing flows to restricted entities.
Growing Illicit Crypto Volumes Raise Regulatory Pressure
Separate data from Chainalysis and TRM Labs estimates illicit crypto transactions reached over $150 billion in 2025.
As the European Union weighs stricter measures, the findings underscore how enforcement actions may fragment, rather than eliminate, sanctions-evasion networks within the global crypto ecosystem.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.