BlockBeats News, February 22 — Blockchain analytics firm Elliptic reported that after the sanctioned Russian exchange Garantex was seized by U.S. authorities in March 2025, at least five cryptocurrency trading platforms related to Russia continued to provide funding channels for sanctioned entities, most of which have not yet been sanctioned.
The report mentioned that only peer-to-peer platform Bitpapa was listed on the U.S. Treasury Department’s OFAC sanctions list in March 2024. Elliptic stated that approximately 9.7% of its outbound funds flowed to sanctioned entities, with frequent wallet address changes to evade monitoring.
Unsanctioned ABCeX is said to operate out of the Moscow Federal Building (also the former site of Garantex), handling at least $11 billion in crypto transactions, and has significant fund flows with Garantex and Aifory Pro. Another platform, Exmo, claimed to have exited the Russian market after the 2022 Russia-Ukraine conflict, but on-chain data shows it still shares custodial wallet infrastructure with the Russian platform Exmo.me and has conducted over $19.5 million in direct transactions with sanctioned entities such as Garantex, Grinex, and Chatex.
Additionally, Rapira is reported to have directly transacted over $72 million with sanctioned platform Grinex; Aifory Pro offers cash-to-crypto exchange services in Moscow, Dubai, and Turkey, and helps users bypass Western service restrictions through USDT virtual cards.
Elliptic pointed out that after Garantex was shut down, related sanctions evasion activities did not disappear but dispersed across more platforms. Chainalysis previously reported that in 2025, crypto addresses involved in illegal activities received a total of $154 billion, with the Russian ruble-backed A7A5 stablecoin trading exceeding $93.3 billion; TRM Labs estimated the total illegal crypto transaction volume for the year at approximately $158 billion.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
BTC dips below 68,000 USDT, and the 24-hour gain narrows to 1.28%
Gate News message, April 1, according to a CEX quote, BTC fell below 68,000 USDT. It is currently reported at 67,967.8 USDT, and the 24-hour gain has narrowed to 1.28%.
GateNews23m ago
CoinDesk 20 performance update: Avalanche (AVAX) gains 4% as index moves higher
The CoinDesk 20 Index has risen to 1968.28, up 1.0%. Eighteen assets increased, with AVAX and HBAR leading gains, while BCH and BNB lagged behind.
CoinDesk35m ago
Crypto Sector Displays Steady Performance While Fear Persists
The crypto market shows steady momentum with a capitalization of $2.33T and a 24-hour volume increase of 28.86%. Bitcoin and Ethereum rose by 1.47% and 3.10%, respectively. Notable gainers include $TRUMP, $GROK, and $PI. DeFi and NFT markets also experienced growth, while Mercado Libre plans to phase out Mercado Coin and CoinShares aims for a Nasdaq debut.
BlockChainReporter2h ago
CoinShares Debuts on Nasdaq, Completing $1.2 Billion SPAC
CoinShares, Europe's largest crypto asset manager, began trading on Nasdaq under ticker CSHR with a valuation of $1.2 billion. The firm aims to expand in the U.S. crypto market despite current market challenges, offering a unique investment opportunity in a European asset manager.
UnchainedCrypto2h ago
Bitcoin mining company Cango received a NYSE delisting warning, with its share price staying below $1 for 30 consecutive days
Bitcoin mining company Cango Inc. received a remediation notice from the New York Stock Exchange because its share price stayed below $1.00 for 30 consecutive trading days. It has a six-month remediation period. If it does not meet the requirements, it will face a suspension of trading and delisting, but the company’s operations and filing obligations will not be affected.
GateNews2h ago
