• Elliptic flags Russia-linked crypto platforms’ ongoing sanctions evasion Bitpapa, Garantex and ABCeX were among the cryptocurrency exchanges linked to Russian-tied transactions circumventing Western evasions. • What to know: Several Russian-linked crypto exchanges are still facilitating transactions for sanctioned entities, enabling users to move funds outside traditional banking channels, Elliptic said in a new report. • The report highlights platforms such as Bitpapa, ABCeX, Rapira and Aifory Pro, which collectively have processed billions of dollars in crypto, including significant flows to already sanctioned exchanges like Garantex and Aifory Pro. • The findings, which follow similar warnings from TRM Labs about surging illicit stablecoin use tied to Russia, underscore how crypto infrastructure continues to support sanctions evasion despite heightened regulatory scrutiny. • Several Russian-linked crypto exchanges continue to allow transactions linked to sanctioned entities, according toa report publishedFriday by blockchain analytics firm Elliptic. • The report outlines how certain platforms enable users to convert rubles into cryptocurrencies, transfer funds across borders outside traditional banking channels, and cash out through overseas brokers or exchanges.

Article Summaries:

  • Elliptic’s latest report shows that several crypto exchanges tied to Russia continue to facilitate transactions for sanctioned entities, helping users move funds outside traditional banking channels. The analysis highlights Bitpapa, ABCeX, Rapira and Aifory Pro, which together have processed billions of dollars in crypto, including significant flows to already‑sanctioned platforms such as Garantex and Aifory Pro. The findings underscore how crypto infrastructure remains a conduit for sanctions evasion, despite heightened regulatory scrutiny and the U.S. Treasury’s Office of Foreign Assets Control sanctioning Bitpapa in March 2024. The report follows similar warnings from TRM Labs about surging illicit stablecoin use linked to Russia.

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