ON-CHAIN ​​DATA REVEALS BITPAPA AND NETEX24 COOPERATION

💥 Blockchain research firm Chainalysis has published a report analyzing two recently OFAC-designated entities: Netex24, a Moscow-based fintech company operating as a cryptocurrency exchange, and Bitpapa, a peer-to-peer (P2P) exchange that facilitates payments for Russian crypto businesses designated by OFAC .

💥According to the report, over the past two years, both companies facilitated significant transactions with sanctioned entities.

The company identified “clusters associated with both services using data on the network.”

💥The report highlights that exchanges without Know Your Customer (KYC) controls and darknet markets make up a significant portion of companies' transaction history.

These transactions include Russian-language websites offering to “periodically increase transactions with sanctioned Russian banks.”

💥Two companies have registered a massive outflow of funds, apparently used for illegal purposes.

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