Russian Exchanges Emerge to Evade International Sanctions
- Five Russian cryptocurrency exchanges are identified as facilitating transactions that bypass international sanctions.
- Bitpapa is under US sanctions and directs about 9.7% of its crypto flows to sanctioned organizations.
- ABCeX, the largest unsanctioned exchange, has processed over $11 billion in crypto assets.
- Exmo continues to share custodial wallet infrastructure with implicated exchanges, facilitating $19.5 million in transactions with sanctioned entities.
- Rapira has executed over $72 million in transactions with Grinex, another restricted entity.
The closure of Garantex has led to a redistribution of illicit transaction infrastructure among other exchanges, including ABCeX and Exmo, which continue to operate within this network despite regulatory pressures.
As Bitpapa remains sanctioned and ABCeX processes significant volumes, the landscape for Russian cryptocurrency platforms adapting to evade sanctions is evolving rapidly.(Source)
