High‑Risk Crypto Exchanges Russian Users Should Avoid in 2025

Russian crypto enthusiasts face a maze of laws, sanctions and sudden police raids. One wrong platform and you could see your funds frozen, your phone tapped, or even a criminal case opened against you. This guide pinpoints the exchanges that carry the biggest legal and financial danger, explains why the authorities are cracking down, and shows how to stay on the safe side.

Why Russian Users Need Extra Caution

Since Federal Law No. 114‑FZ took effect in January 2021, owning cryptocurrencies is technically allowed, but using them for domestic payments is banned. In mid‑2024 Moscow slipped a loophole that lets crypto be used for international trade, yet the Bank of Russia immediately barred banks from handling crypto‑related flows. The result? A split market where licensed “experimental regime” platforms operate under strict AML reporting, while a shadow network of unlicensed exchanges flies under the radar.

Since October 2024, coordinated raids across more than a dozen regions have seized tens of millions of dollars, rubles and euros from platforms that dodge Russian licensing. The security services now treat the use of unlicensed exchanges as a possible violation of Article193.1 of the Russian Criminal Code, which can lead to fines of up to 1millionrubles or up to seven years in prison for large‑scale offenses.

For a Russian trader, the biggest question is simple: which exchanges are likely to trigger those enforcement actions? Below we list the most dangerous players and why they are on the watch list.

Exchanges Russian Users Should Avoid

The following platforms share three red‑flag traits: no Russian licensing, placement on the U.S. OFAC sanctions list, and a documented history of facilitating illicit transactions.

• Garantex is an offshore‑registered exchange that was designated by the U.S. Treasury’s Office of Foreign Assets Control (OFAC) in April2022 for enabling ransomware payments and sanction evasion. The platform’s successor network, often called “MKAN Coin,” operates via Telegram and requires only a phone number to open an account. In March2025 a global takedown froze millions of dollars and left thousands of Russian users without access to their funds.
• Exved is a payment processor based in Moscow’s International Business Center that masks itself as a legitimate import‑export exchange but routes transactions through offshore entities like Feilian Company Limited in Hong Kong. It processes over 2billionrubles monthly via an Alfa‑Bank conduit, avoiding Rosfinmonitoring’s reporting requirements.
• Grinex is the rebranded successor to Garantex, launched by the same team that built the original platform. Users report sudden account freezes and an average loss of 850000rubles per case after the October2025 server seizure.
• MKAN Coin is a Telegram‑based exchange that advertises "sanction‑proof" transfers and only asks for a passport photo and bank details. Because it lives entirely in encrypted chats, law enforcement finds it hard to trace, but the platform is flagged in the latest Transparency International Russia report for facilitating money‑laundering.
• Alfa‑Bank is one of the few Russian banks that inadvertently became a conduit for offshore crypto transactions when it opened accounts for the Exved network. While the bank itself is licensed, its involvement with unlicensed exchanges places its customers at heightened scrutiny.

Regulatory Enforcement: What Has Happened and What’s Coming

Since the summer of 2024, the Bank of Russia has issued methodological recommendations that mandate “enhanced AML monitoring” for any crypto activity not routed through a licensed experimental‑regime exchange. In October2025, security services seized 37 additional exchange servers across Moscow, targeting platforms that processed crypto payments for dual‑use goods imports.

Internationally, the U.S. Treasury continues to list Garantex and its affiliates on the Specially Designated Nationals (SDN) list. A $5million bounty for information leading to the arrest of Garantex executives underscores the lasting pressure.

Domestically, the State Duma is drafting Bill45876‑8, which would criminalize the use of sanctioned exchanges with fines up to 1millionrubles for first‑time offenders. Analysts at FinVision predict a 90% drop in usage of high‑risk platforms by mid‑2026 as enforcement tightens.

Red Flags to Spot Before You Sign Up

Even if a platform isn’t on the list above, look for these warning signs:

1. Only asks for a phone number or a passport photo-no thorough KYC verification.
2. Operates primarily on messaging apps (Telegram, Discord) rather than a dedicated website.
3. Claims “instant” transfers without mentioning AML checks.
4. Has a corporate address in a jurisdiction known for lax regulation (e.g., UAE, Georgia, Hong Kong).
5. Is absent from the Bank of Russia’s “experimental regime” registry.

If you see two or more of these, walk away - the short‑term speed isn’t worth the legal exposure.

Safer Alternatives and How to Stay Compliant

Licensed Russian exchanges operating under the experimental regime still exist, though they require you to be an “especially qualified investor” with at least 6millionrubles in assets. These platforms submit full transaction reports to Rosfinmonitoring and comply with the Bank of Russia’s AML guidelines. Examples include:

• CryptoBank - offers fiat‑to‑crypto on‑ramps for corporate users, full KYC, and a dedicated compliance team.
• FinEx - a joint venture between a Russian bank and a global crypto firm, providing transparent reporting.

When you choose a compliant platform, you gain two major protections: your funds are covered by Russian financial regulations, and you have a legal avenue if something goes wrong.

Practical Tips for Protecting Your Crypto in Russia

• Verify licensing. Check the Bank of Russia’s experimental‑regime list before depositing.
• Keep records. Save every transaction receipt, KYC screenshot, and bank statement. If authorities request proof, you’ll be ready.
• Use hardware wallets. Store long‑term holdings offline rather than on an exchange.
• Limit transfer size. Smaller, frequent transfers are less likely to trigger a raid.
• Stay updated. Follow official announcements from the Bank of Russia and Rosfinmonitoring for any rule changes.

Following these steps dramatically reduces the chance of losing your crypto to a sudden freeze or a criminal investigation.

Quick Comparison of High‑Risk Exchanges

Notice how each platform lacks legitimate Russian licensing and either appears on sanctions lists or is tied to entities that have been seized. That combination makes them prime targets for law‑enforcement action.

Bottom Line for Russian Crypto Traders

If you want to keep your crypto safe and stay out of trouble, steer clear of the exchanges listed above, double‑check any platform’s licensing status, and consider moving your holdings to a hardware wallet or a compliant Russian exchange. The short‑term speed of unlicensed services is tempting, but the long‑term cost-frozen accounts, legal battles, or even jail-far outweighs any convenience.