Russia-Linked Crypto Exchanges Still Dodging Global Sanctions
Blockchain analysis firm Elliptic exposes how exchanges like Bitpapa and Exmo help Russian entities skirt financial sanctions.
A new report from blockchain intelligence firm Elliptic pulls back the curtain on how Russia-connected cryptocurrency exchanges continue to make a mockery of international sanctions.
Exchanges including Bitpapa, Exmo, and others with operational or financial ties to Russia are actively enabling cross-border money movement — completely bypassing traditional banking oversight and the sanctions regime designed to isolate Russian entities from global finance.
The mechanism is straightforward. Crypto rails don't care about borders. These platforms maintain just enough distance from sanctioned infrastructure to keep operating while serving as financial escape hatches for Russian money.
It's a persistent headache for Western regulators who've spent years tightening the screws on Russia's access to the global financial system. Every traditional banking door that closes just pushes more volume toward crypto off-ramps willing to look the other way.