Rapira Group LLC / Aifory LLC (Aifory Pro)
Summary
Rapira Group LLC and Aifory LLC (operating as Aifory Pro) are Georgia-incorporated cryptocurrency exchanges that operated primarily as ruble-to-crypto fiat on-ramps targeting Russian and CIS retail users. On May 26, 2026, the UK Foreign, Commonwealth and Development Office designated both entities under the Russia (Sanctions) (EU Exit) Regulations 2019 as part of an 18-entity package targeting the A7 sanctions-evasion network. UK sanctions impose full asset freezes, Regulation 17A correspondent banking prohibitions, and internet access restrictions — representing the first application of banking-style sanctions to crypto exchanges under the UK Russia sanctions regime. Georgian courts separately convicted individuals connected to the fictitious registration scheme used to incorporate both entities, with the alleged organizer receiving a 9-year sentence in April 2026.
Connected Entities
1 entities · 10 linked investigations- + 4 more
Timeline(12 events)
2022-11-09
Rapira Group LLC incorporated in Kutaisi, Georgia via power of attorney by British citizen Ilya Akhaev. Georgian Investigation Service later determines no Georgian assets, bank accounts, or offices were ever established.
JAMnews / Georgia Today2023-06-23
Aifory LLC incorporated in the Tbilisi Free Industrial Zone by Giorgi Nutsubidze, with Mikhail Gevorkyan as director. Georgian Investigation Service later determines registration was fictitious and conducted in exchange for payment.
Georgia Today2023-07-01
Aifory Pro begins operations as a ruble-to-crypto on-ramp (approximate, based on TRM Labs on-chain analysis placing launch in mid-2023). Total lifetime volume eventually exceeds $3 billion.
TRM Labs2025-03-07
Garantex, the primary Russian crypto exchange enabling sanctions evasion, is seized and shut down by a US-led international law enforcement operation. Rapira Group, Aifory Pro, and other successor platforms subsequently absorb displaced transaction volume.
Chainalysis / Decrypt2025-03-10
Rapira Group begins documented bilateral flows with Grinex.io — the alleged Garantex successor — three days after Garantex's takedown. This relationship ultimately accounts for $375.6 million of Rapira's documented sanctioned-ecosystem exposure.
TRM Labs2025-09-01
National Bank of Georgia provides law enforcement with information about Rapira Group, Aifory LLC, and related entities operating without proper Georgian registration, and applies supervisory measures.
JAMnews2025-09-25
Russian law enforcement raids Rapira's Moscow City office as part of an investigation into alleged capital flight to Dubai. Over $10 million in USD, 100 million rubles, and 200,000 euros seized across raided exchanges including Rapira and Mosca. Rapira denies any link to illegal fund transfers.
Mitrade / CoinTelegraph2025-10-07
Rapira resumes limited app operations following September raids; withdrawals remain suspended. The Mosca exchange, also raided, resumes full operations more quickly.
Mitrade2026-02-21
Elliptic publishes research naming Rapira and Aifory Pro among five exchanges enabling ruble-to-crypto conversion for sanctions evasion following Garantex's shutdown, documenting USDT virtual card circumvention tools and on-chain exposure to sanctioned entities.
CoinDesk / Elliptic2026-04-28
Georgian court issues criminal convictions connected to the fictitious registration of Aifory LLC and related entities. Three defendants receive fines and suspended sentences; alleged organizer Davit Jincharadze receives 9 years and 6 months imprisonment.
Georgia Today2026-05-26
UK FCDO designates Rapira Group LLC and Aifory LLC among 18 entities in a Russia crypto-sanctions package. Full asset freezes imposed. Regulation 17A correspondent banking prohibitions applied — the first use of this measure against crypto exchanges under UK Russia sanctions. Internet restriction orders applied to both entities' digital properties.
GOV.UK2026-05-26
National Bank of Georgia publicly states that the UK-sanctioned Georgian-registered companies, including Rapira Group and Aifory LLC, were not under its supervision.
JAMnewsDecision Log
- hash: 9uyi9TYFfGPZwS5UauCb32h6TbSVVoSBU83J5QUeXG1W
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/28/2026, 4:23:16 AM
last updated: 5/28/2026, 8:10:22 AM
avoid.net — verified advice for a post-truth world