Russia cracks down on 9 crypto exchanges in Moscow City
Summary
Russia’s FSB raided nine unregistered crypto exchange services in Moscow, detaining more than 20 employees in a joint operation with the Interior Ministry. Authorities allege the exchanges laundered proceeds from phone scams by converting cash stolen from Russian victims into cryptocurrency and sending it to accounts tied to Ukraine-based handlers. The operation reportedly used couriers aged 18 to 25 to collect cash and deliver it for conversion, with young people from Russian regions recruited despite limited financial literacy. The Interior Ministry opened a criminal case for large-scale fraud, which can carry up to 10 years in prison. The FSB said it is still identifying victims and assessing possible compensation.
