Bitpapa IC FZC LLC
Summary
Bitpapa IC FZC LLC is a UAE-registered peer-to-peer cryptocurrency exchange primarily serving Russian and CIS markets that has been sanctioned by three separate national jurisdictions: OFAC (March 2024), Ukraine (July 2025), and the UK FCDO (May 2026). Authorities allege the platform facilitated millions of dollars in transactions with OFAC-designated entities including Garantex and Hydra Market, employed systematic wallet rotation to evade transaction monitoring, and provided financial services to the A7 LLC network accused of moving over $90 billion into Russia's war economy. The platform has continued operating through multiple sanctions designations, illustrating the limits of unilateral enforcement against P2P fiat-on-ramps.
Connected Entities
1 entities · 10 linked investigationsTimeline(9 events)
2020-05-01
Bitpapa reportedly begins operations as a peer-to-peer cryptocurrency exchange targeting Russian and CIS markets. Exact date is approximate.
Monetory.io platform profile2022-04-29
Bitpapa IC FZC LLC formally incorporated in Ajman Media City Free Zone, United Arab Emirates.
OpenSanctions entity record2022-07-27
Bitpapa IC FZC LLC publicly announces the launch of its digital assets trading platform and mobile application.
Bitpapa.com launch announcement via Yahoo Finance2022-02-24
Russia invades Ukraine. Subsequent blockchain analytics show Bitpapa's transactions with sanctioned entities increasing notably from this point forward.
OFAC Sanctions Netex24 and Bitpapa — Chainalysis2024-03-25
OFAC designates Bitpapa IC FZC LLC under the Russian Harmful Foreign Activities Sanctions program for facilitating millions in payments to OFAC-designated entities including Garantex and Hydra Market, and for employing address rotation to evade monitoring.
U.S. Department of the Treasury press release2025-03-01
Garantex, a primary alleged counterparty of Bitpapa, is shut down by international law enforcement action. Elliptic subsequently identifies Bitpapa as one of five exchanges filling the vacuum in Russian ruble-to-crypto services.
Five Crypto Exchanges Helping Russia Evade Sanctions — The Block2025-07-06
Ukraine's National Security and Defense Council sanctions Bitpapa IC FZC LLC as part of a decree targeting over 70 individuals and 60 companies for crypto-based sanctions evasion. The designation runs through July 6, 2035.
OpenSanctions entity record; Decrypt reporting on Ukraine sanctions2026-02-23
Elliptic publishes report flagging Bitpapa and four other exchanges as actively filling the role previously occupied by Garantex in Russia's sanctions evasion infrastructure.
Elliptic Flags Russia-Linked Crypto Exchanges — CoinDesk2026-05-26
The UK FCDO designates Bitpapa IC FZC LLC under the Russia (Sanctions) (EU Exit) Regulations 2019, marking its third national sanctions designation. The designation is part of a package targeting 18 entities linked to the A7 LLC network. This is reported as the first time the UK has directly sanctioned major cryptocurrency platforms under its Russia regime.
GOV.UK list of Russia sanctions designations; Chainalysis, TRM Labs, BanklessTimes reportingDecision Log
- hash: ATZNNUiuwHmHT2of1asDFAST9TdUguXFNGstY18m1oir
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/27/2026, 8:20:55 PM
last updated: 5/27/2026, 8:21:08 PM
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