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A new <a href="https://www.elliptic.co/blog/russia-linked-cryptocurrency-services-and-sanctions-evasion" rel="noopener noreferrer nofollow">report</a> by blockchain analytics firm Elliptic has raised concerns that several cryptocurrency exchanges with operational or financial links to Russia are continuing to facilitate cross-border transactions that may undermine international sanctions.According to the report, a network of cryptoasset exchanges allows users to convert Russian rubles into digital assets, which can then be transferred across borders without passing through traditional banking intermediaries.&nbsp;Once abroad, the cryptoassets can be converted into local fiat currencies through overseas brokers or exchanges, effectively bypassing conventional financial oversight mechanisms.Elliptic identifies platforms including Bitpapa, ABCeX, Exmo, Rapira, and Aifory Pro as exchanges that continue to support ruble-to-crypto conversions.&nbsp;Some of these platforms reportedly maintain nominal registrations outside <a href="https://hash.media/hashdesk/bank-of-russia-eyes-fines-for-unregulated-crypto/" rel="noopener noreferrer nofollow">Russia</a>, yet still process significant transaction volumes connected to Russian users and, in some cases, sanctioned entities.The report highlights that these exchanges provide alternative payment rails at a time when many Russian banks and financial institutions face restrictions from Western sanctions.&nbsp;By enabling direct crypto transfers between wallets, the platforms create transaction pathways that operate beyond the reach of traditional banking compliance systems.Despite mounting regulatory scrutiny globally, Elliptic notes that several of the services outlined in its findings have not yet been formally sanctioned.&nbsp;The firm warns that such exchanges may pose heightened compliance and enforcement challenges, particularly as authorities seek to close loopholes in digital asset markets.The findings underscore broader tensions between the decentralized nature of cryptocurrency networks and the enforcement of international financial sanctions.&nbsp;As regulators continue to refine oversight of the crypto sector, scrutiny is likely to intensify on platforms that maintain exposure to high-risk jurisdictions while facilitating cross-border digital asset flows.pay3 (pay3.so) is a crypto payment platform that replaces wallet addresses with usernames. Accept USDT, USDC, ETH, and BNB through one simple link: pay3.so/@yourname

Elliptic warns of Ruble-to-Crypto sanctions loophole

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