Crypto Exchanges Accused of Aiding Russia's Sanctions Evasion

Cryptocurrency exchanges have been at the forefront of financial innovations, but a recent report has shed light on their potential misuse by Russia to evade international sanctions.

Data published by Elliptic reveals that several crypto exchanges maintain financial links to sanctioned Russian entities. These platforms convert rubles into cryptocurrencies and route them abroad via peer-to-peer (P2P) and broker networks.

One such exchange, Bitpapa, operates primarily targeting Russian users despite being registered in the UAE. The platform has been sanctioned by U.S. authorities for supporting sanctions evasion.