How Cryptocurrency Turns to Cash in Russian Banks

This report profiles Cryptomus, a Vancouver-registered cryptocurrency payments platform, as a key processor for more than 100 Russian-language cybercrime services and at least 56 instant crypto exchanges, enabling sanctions evasion and anonymous cash-outs to Russian banks. It highlights clustering of money service businesses at “phantom” Canadian addresses, infrastructure ties to Russian hosting and Cloudflare, and transaction obfuscation via per-order wallets, with Chainalysis indicating usage by ransomware, darknet, fraud, and other criminal actors.