Five crypto exchanges are helping Russia evade sanctions, filling Garantex's void: Elliptic

• One exchange has processed at least $11 billion in crypto from an office in the same building previously occupied by sanctioned exchange Garantex.

Article Summaries:

• Elliptic’s latest investigation reveals that five cryptocurrency exchanges are now facilitating Russian sanctions evasion, effectively stepping into the role once held by the sanctioned platform Garantex. The firm’s data shows that one of these exchanges has moved at least $11 billion in crypto assets through an office located in the same building that previously housed Garantex. This shift underscores a broader trend of Russian entities seeking alternative crypto channels to bypass international restrictions. The findings highlight the continued adaptability of illicit financial flows and raise concerns about the effectiveness of current sanctions enforcement.

Sources:

• https://www.theblock.co/post/390709/five-crypto-exchanges-are-helping-russia-evade-sanctions-filling-garantexs-void-elliptic?utm_source=rss&utm_medium=rss