Crypto exchange network is helping Russia skirt sanctions: Elliptic
Elliptic says that despite increased regulatory pressure, a handful of crypto exchanges continue to serve sanctioned Russian entities.
Five crypto exchanges are allegedly helping Russians skirt international sanctions, filling a vacuum left by Russian exchange Garantex after it was taken down last year, according to crypto analytics firm Elliptic.
Elliptic said in a report on Saturday that the crypto exchanges Bitpapa, ABCeX, Exmo, Rapira and Aifory Pro are allowing Russian ruble-to-crypto conversions. The crypto then can be transferred across borders “without passing through any intermediaries” and converted to another fiat currency.
“Despite growing regulatory pressure, many of these exchanges, some with nominal registrations outside Russia, still facilitate high volumes of cryptoasset trading linked to sanctioned entities,” the company said.