Crypto exchanges tied to Russia are still helping sanctioned entities move money internationally. Despite the fact that many Western governments have tightened restrictions, several crypto platforms continue to provide routes for Russian users to convert rubles into digital assets and send money abroad.
These transactions as expected often bypass traditional banks, making it very hard for regulators to detect or block them. Through the p2p market and order-book trading, rubles can be easily converted into crypto, and transferred internationally.
Some of these exchanges are officially registered outside Russia, yet their main user base and transaction flows come from the country. According to Elliptic’s data, Billions of dollars have been processed on these exchanges and many of them have come directly from sanctioned entities.
One of the most prominent examples is Bitpapa, a peer-to-peer exchange formally registered in the UAE but serving a huge number of Russian customers.
Source: Elliptic.co
Also Read: Russia May Block Foreign Crypto Exchanges as Licensing Framework Nears
In March 2024, the U.S. The Treasury’s Office of Foreign Assets Control sanctioned the platform for supporting sanctions evasion. But as of today, it has been recorded that almost 10% of Bitpapa’s outgoing crypto transactions were sent to sanctioned targets, including the already blacklisted exchange Garantex.
Another exchange, ABCeX, has reportedly processed at least $11 billion in crypto. It currently runs its office in Moscow’s Federation Tower, previously used by Garantex.
Source: Elliptic.co
Rapira, an exchange incorporated in Georgia, maintains a Moscow office and supports ruble-based trading. It has reportedly transferred more than $72 million in crypto directly to and from the sanctioned exchange Grinex.
Cash-to-Crypto Networks Expanding Beyond Russia
Other Service providers like Aifory Pro go a step further by blending crypto transactions with everyday payment tools. Operating in Moscow, Dubai, and Türkiye, Aifory Pro offers cash-to-crypto services and acts as a payment agent for cross-border trade, including transactions between Russia and China.
It also markets virtual payment cards and Apple Pay-enabled services that allow users to spend USDT on platforms like Airbnb and ChatGPT, which are restricted in Russia.Together, these exchanges show how crypto infrastructure can still be used even with sanctions.
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