Moscow Crackdown: FSB Detains Over 20 at Unregistered Crypto Exchanges
Russia's Federal Security Service (FSB) has launched a crackdown on nine unregistered crypto exchange services in Moscow City, detaining over 20 employees as part of an operation targeting alleged money laundering channels.
The FSB said the exchanges converted stolen funds from Russian victims of phone scams into cryptocurrency and transferred it to accounts belonging to Ukrainian handlers. The agency described young people from various regions in Russia as being recruited to work at the exchanges despite having limited financial literacy.
The operation, carried out jointly by the FSB and Russia's Interior Ministry, also uncovered a network of couriers aged 18 to 25 who collected cash from victims and delivered it to the exchanges for conversion into crypto. The FSB is continuing to identify victims and assess potential compensation.