Crypto Analytics Firm Reveals Russian Linked Exchanges Are Helping Citizens Evade Sanctions After Garantex Shutdown

After the Russian crypto exchange Garantex was taken offline last year, a gap appeared in the market for ruble-to-crypto conversions.

According to the crypto analytics firm Elliptic, five exchanges — Bitpapa, ABCeX, Exmo, Rapira, and Aifory Pro — have stepped in to fill that void, helping Russians move funds across borders without using traditional banking channels.

The report, released Saturday, highlights how these platforms allow users to convert rubles into cryptocurrency and then into other fiat currencies, bypassing intermediaries entirely.

Elliptic warned that even though some of these exchanges are registered outside Russia, they continue to process high volumes of crypto tied to sanctioned entities, effectively undermining international sanctions.

How Garantex’s Fall Sparked a New Network

Garantex had already been under scrutiny.

In mid-2022, the exchange was sanctioned for facilitating transactions linked to illicit activity and helping Russia evade sanctions following its invasion of Ukraine.

Its eventual website shutdown in March 2025 left a vacuum that smaller or less regulated exchanges quickly filled.

Elliptic’s research suggests that these new networks are not merely casual replacements.

They are structured to handle large volumes of funds and continue providing pathways for Russian nationals and companies to access global financial systems.

Bitpapa Stands Out as a Sanctioned Player

Among the five, Bitpapa is the only exchange already under sanctions.

The US Treasury’s Office of Foreign Assets Control (OFAC) designated Bitpapa in March 2024 for enabling sanctions evasion.

Elliptic noted that nearly 10% of Bitpapa’s outgoing crypto is destined for sanctioned targets.

The exchange reportedly rotates wallets regularly to avoid detection, a tactic designed to bypass enforcement.

ABCeX, Exmo, and Co-Mingling of Funds

ABCeX, according to Elliptic, operates from Moscow’s Federation Tower, the same location where Garantex once ran.

The exchange has processed at least $11 billion in crypto, with a significant portion flowing to Garantex and Aifory Pro.

Exmo also appears to have a continued presence in Russia, despite public claims it had exited the country after the invasion.

Elliptic found that Exmo.com and Exmo.me share custodial wallet infrastructure, allowing Russian-facing funds to mix with Western-facing transactions.

The company reported over $19.5 million in direct transactions linked to sanctioned entities.

Rapira and Aifory Pro Facilitate Sanctions Evasion

Rapira, based in Georgia but with a Moscow office, has reportedly conducted over $72 million in transactions with Grinex, Garantex’s successor.

Meanwhile, Aifory Pro operates in Moscow, Dubai, and Türkiye, explicitly helping users bypass service restrictions via virtual payment cards in USDT, allowing access to blocked international services.

Rising Pressure for Regulation

The surge in Russian crypto adoption has drawn attention from both domestic and international regulators.

Russia’s finance ministry and central bank recently urged faster crypto regulations, while the European Union is preparing a sanctions package banning all crypto transactions with Russia.

These moves aim to limit the country’s ability to exploit digital assets as a way around international financial restrictions.

The Broader Crypto Landscape

The surge in sanctioned-related crypto activity is not just a Russian phenomenon.

Last month, Chainalysis reported that in 2025, illicit addresses received $154 billion in cryptocurrency — the highest ever — driven largely by nation-state activity.

The rise of digital assets presents both opportunities and risks, particularly when traditional enforcement tools struggle to keep pace.

What’s Next?

• The EU sanctions package could formalize a ban on crypto transactions with Russia, potentially restricting these networks further.

• Regulators worldwide are increasing scrutiny of exchanges like ABCeX, Exmo, Rapira, and Aifory Pro to ensure they comply with international sanctions.

• Russia’s own government may accelerate domestic crypto regulation to control how citizens and businesses use digital assets.

• Investors and businesses will need to remain vigilant about compliance, as the network of sanctions-evading exchanges continues to evolve.

Summary

A new network of Russian-linked crypto exchanges has emerged following the shutdown of Garantex, allowing ruble-to-crypto conversions and cross-border transfers that avoid traditional banking oversight.

Bitpapa, ABCeX, Exmo, Rapira, and Aifory Pro are reportedly processing billions in transactions, with some funds linked to sanctioned entities.

Bitpapa has already been sanctioned by the US, while the other exchanges continue operations despite regulatory scrutiny.

The EU is preparing a comprehensive crypto sanctions package, and Russian authorities are calling for faster domestic regulations.

The situation highlights the challenges of enforcing financial sanctions in an increasingly digital and borderless world.