Blockchain analytics firm Elliptic has published a report identifying five major cryptocurrency platforms — Bitpapa, ABCeX, Exmo, Rapira, and Aifory Pro — that serve as critical channels for Russian capital flight, bypassing tightened traditional banking oversight since the 2022 invasion of Ukraine. These services convert rubles into digital assets and move them globally using sophisticated wallet obfuscation and shared infrastructure.
ABCeX: $11 Billion in Transactions and a Moscow Tower Office
The report reveals that ABCeX has processed at least $11 billion in cryptoasset transactions, frequently coordinating with the sanctioned entity Garantex. Investigators found that ABCeX operates from offices in Moscow’s Federation Tower, sharing physical space with sanctioned actors. This dual digital-and-physical linkage makes it a core hub for evading international financial restrictions.
Exmo‘s “Exit” Exposed: On-Chain Data Tells a Different Story
Exmo publicly claimed to have left the Russian market. Yet Elliptic’s on-chain analysis shows that Exmo.com and Exmo.me share identical custodial wallets and hot wallet addresses, with $19.5 million in direct transactions between them — some of which flowed to sanctioned groups. This “nominal exit, actual operation” tactic highlights how some exchanges treat compliance as a façade.
Virtual Cards and P2P Loopholes: Tools of the Trade
Beyond large exchanges, the report details other evasion methods. Aifory Pro offers virtual payment cards funded by USDT, allowing users to pay for foreign services blocked by Russian restrictions, bypassing both capital controls and platform bans. Bitpapa, the only exchange in the group currently designated by OFAC, uses a peer-to-peer model that makes regulatory tracking far more difficult.
“These platforms provide transaction routes that allow Russian entities to make cross-border payments shielded from traditional banking oversight,” Elliptic concluded. The clash between crypto infrastructure and geopolitical sanctions continues to unfold on-chain.