Bitpapa IC FZC LLC
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 2 → 26. Problems weighed by who is responsible: the subject's own conduct −100, concerns that are not fraud −6, problems around the subject, caused by others −3; legitimacy credit long-running +10; serious regulatory wrongdoing with no established harm to customers is held in WARNING (26–50). Version history →
Why this score
| Every page starts at | 65 |
| The subject's own conduct | -100 |
| Concerns that are not fraud | -6 |
| Problems around it, caused by others | -3 |
| Long-running | +10 |
| Sum | -34 |
- Serious regulatory wrongdoing with no established harm to customers is held in WARNING (26–50).
Score: 26/100 (kept between 0 and 100)
How scoring works →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
8 entities · 60 linked investigations- Ethereum→mentioned with→Bitcoin(60%)
- A7A5 Ruble Stablecoin / A7 Network→mentioned with→Ethereum(70%)
- A7A5 Ruble Stablecoin / A7 Network→mentioned with→Grinex(70%)
- A7A5 Stablecoin / Old Vector→mentioned with→Grinex(70%)
- A7A5 Stablecoin / Old Vector→mentioned with→Ethereum(70%)
- Bitpapa IC FZC LLC→mentioned with→Grinex(60%)
- Bitpapa IC FZC LLC→mentioned with→Ethereum(60%)
- Bitpapa IC FZC LLC→mentioned with→Bitcoin(60%)
- A7A5 Ruble Stablecoin / A7 Network→mentioned with→A7A5 Stablecoin / Old Vector(80%)
- A7A5 Ruble Stablecoin / A7 Network→mentioned with→Bitpapa IC FZC LLC(80%)
- + 15 more
Timeline(9 events)
May 2020
Bitpapa reportedly begins operations as a peer-to-peer cryptocurrency exchange targeting Russian and CIS markets. Exact date is approximate.
Monetory.io platform profile29 April 2022
Bitpapa IC FZC LLC formally incorporated in Ajman Media City Free Zone, United Arab Emirates.
OpenSanctions entity record27 July 2022
Bitpapa IC FZC LLC publicly announces the launch of its digital assets trading platform and mobile application.
Bitpapa.com launch announcement via Yahoo Finance24 February 2022
Russia invades Ukraine. Subsequent blockchain analytics show Bitpapa's transactions with sanctioned entities increasing notably from this point forward.
OFAC Sanctions Netex24 and Bitpapa — Chainalysis25 March 2024
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 releaseMarch 2025
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 Block6 July 2025
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 sanctions23 February 2026
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 — CoinDesk26 May 2026
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
- slot 455362732 · hash AmAkZpGZo1jCtA1ExQyCGkNqZJQKy2QmH6KGm5u4T9bj
- slot 422573659 · hash ATZNNUiuwHmHT2of1asDFAST9TdUguXFNGstY18m1oir
This investigation is cryptographically anchored to the Solana blockchain (2 decisions). 16 of 16 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/27/2026, 8:20:55 PM
last updated: 10/10/2026, 6:42:49 PM
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