Five crypto exchanges replace Garantex in sanctions evasion

Elliptic finds five Russia-linked crypto exchanges now facilitate sanctions evasion after Garantex's closure. Bitpapa, ABCeX, Exmo, Rapira, and Aifory Pro process large volumes for Russian entities.

Blockchain analytics firm Elliptic has identified five Russia-linked cryptocurrency exchanges—ABCeX, Exmo, Bitpapa, Rapira, and Aifory Pro—that have stepped in to facilitate sanctions evasion following the shutdown of Garantex. Although most of these platforms are not officially sanctioned, they continue to process large-scale crypto transactions outside traditional banking oversight, enabling Russian entities to bypass Western financial restrictions. Bitpapa is the only exchange on the US sanctions list, with nearly 10% of its outbound transactions linked to sanctioned organizations and frequent wallet address changes to avoid detection. ABCeX, based in Moscow’s Federation Tower, reportedly processed at least $11 billion in crypto assets, with significant flows to Garantex and Aifory Pro. Exmo, despite announcing its withdrawal from the Russian market in 2022, remains connected to Russian operations through shared infrastructure. These findings highlight that enforcement actions have redirected, rather than stopped, illicit flows as new platforms emerge to replace those targeted by authorities.