In brief
- A new report from TRM Labs found that Kyrgyzstan appears to be serving as a front for crypto platforms linked to shuttered Russian exchange Garantex.
- Russia-linked activity accounts for almost all of Kyrgyzstan’s crypto industry, which was “virtually nonexistent” prior to the invasion of Ukraine in 2022.
- Experts told Decrypt that Kyrgyzstan’s political environment creates “vulnerabilities” that can be exploited for illicit financial flows.
Russian individuals and groups are using Kyrgyzstan’s cryptocurrency ecosystem to evade international sanctions, according to research from UK-based blockchain intelligence firm TRM Labs.
Publishing its findings in a blog, TRM Labs reported that Kyrgyzstan appears to be serving…
Jan 13 2026
