A recent report by blockchain analytics firm Elliptic has shed light on the efforts of five Russian cryptocurrency exchanges to circumvent Western financial restrictions.
The study, which analyzed transactions and activities across multiple platforms, revealed that these exchanges have provided pathways for users to move funds outside the reach of sanctions.
The report identified Bitpapa as the only formally sanctioned exchange among the group. However, it noted that several other platforms processed large transactions with restricted entities, suggesting a continued disregard for traditional banking oversight.
Elliptic's findings have sparked concerns about the effectiveness of current measures to curb illicit activities in the crypto space. The report highlighted the significant volume of transactions flowing through these exchanges, with some processing billions of dollars worth of cryptocurrency.