Blockchain analytics firm Elliptic released a report stating that five cryptocurrency exchanges related to Russia are assisting in circumventing international sanctions, most of which have not yet been listed on sanctions lists. Aside from Bitpapa, which has been sanctioned by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), platforms such as ABCeX, Exmo, Rapira, and Aifory Pro still provide funding channels for Russia. The report states that ABCeX operates out of the Federation Tower in Moscow and has processed at least $11 billion in crypto transactions; although Exmo claimed to have exited the Russian market in 2022, on-chain data shows it shares custodial wallet infrastructure with Exmo.me and has approximately $19.5 million in direct transactions with sanctioned entities like Garantex, Grinex, and Chatex. (The Block)