Russian crypto exchanger Mosca raided amid cash-to-crypto ban talks
The Russian government is considering a ban on cash-to-cryptocurrency transactions, prompting police raids on local crypto exchanges. Mosca, a crypto-to-cash exchange, was raided on April 23 due to fraud allegations involving a customer. The raid followed reports of arrests linked to a significant crypto robbery where a victim lost approximately 421 million rubles ($5.1 million). Evgeny Masharov proposed the cash-to-crypto ban to combat fraud, asserting it would hinder scammers who use exchanges to withdraw cash. Mosca allows daily cash purchases of up to 100,000 USDT and has enhanced its Anti-Money Laundering and Know Your Customer protocols. The raid occurred during the Blockchain Life event in Moscow, where Mosca was recognized as the best crypto exchange service. Concerns were raised that the proposed ban could signal a shift away from crypto adoption in Russia. Raids on exchanges in Moscow City are reportedly common.
