Aifory Pro offers cash-to-crypto services in Moscow, Dubai, and Turkey, issuing virtual payment cards funded with USDT and linking to the Iranian exchange Abantether, with nearly $2 million in cryptoassets traced.

The analysis shows how these platforms, often with minimal or unclear registration, continue to enable sanctioned Russian entities to move funds internationally while evading monitoring and enforcement.

The study highlights crypto exchanges and services that facilitate sanctions evasion by Russian entities, allowing cross-border crypto transfers that bypass conventional banking oversight.

The findings stress evolving compliance and transaction-monitoring standards, stronger regulator-analytics cooperation, and the need for cross-border regulatory action to address rapidly evolving crypto activity.

The report notes that exchanges may respond to allegations and that future regulatory actions will shape market behavior, with the full Elliptic report available on their research blog.

A new Elliptic report identifies five Russia-linked crypto exchanges that help users bypass Western sanctions by moving funds outside traditional banking oversight.

Russia’s crypto mining market stayed robust in 2024, with BitRiver and Intelion together generating around $200 million in revenue, accounting for more than half of the legal market.

Since 2022, global authorities have intensified focus on Russia-related financial activity, expanding cross-border enforcement investigations in the crypto space.

Russia acknowledges sanctions cannot fully block crypto access, and a comprehensive domestic regulatory framework for licensed trading platforms is expected by July.

European officials are considering stricter measures, including a potential blanket ban on crypto transactions with Russia, as new platforms continue to emerge.

Reports highlight exchanges like Rapira, Exmo, and AEceX, which have conducted large ruble-based transactions with sanctioned entities and share custodial infrastructure or direct links to other sanctioned platforms.

The findings point to ongoing sanctions evasion networks in crypto markets, pushing regulators to enhance monitoring tools and international enforcement coordination.