Five Crypto Platforms Fill Void Left by Sanctioned Garantex in Russian Sanctions Evasion
Russia's sanctions evasion network has proven resilient despite US enforcement actions. Blockchain analytics firm Elliptic reports five crypto exchanges—ABCeX, Exmo, Bitpapa, and two unnamed platforms—now facilitate transactions for Russian entities, processing billions from the same Moscow offices once used by sanctioned Garantex.
ABCeX alone has handled $11 billion in transactions, while Exmo maintains operational ties to its Russian subsidiary despite claiming to have exited the market in 2022. Only Bitpapa among the identified platforms currently faces sanctions.
The findings reveal a hydra-like challenge for regulators: shutting down one node simply redirects flows through alternative channels. These platforms leverage cross-chain interoperability and privacy coins to obscure trails, with some reportedly sharing wallet infrastructure with their predecessors.
