Moscow Shuts Down 9 Unregistered Crypto Exchanges Amid Fraud Crackdown

Russian authorities have shut down nine unregistered cryptocurrency exchanges operating in Moscow's financial district.

The exchanges, which were located in the Federation Vostok tower, a prominent skyscraper in Moscow City, allegedly served as hubs for laundering fraud proceeds. The Federal Security Service (FSB) and Interior Ministry carried out coordinated raids on these operations, detaining more than 20 people in the process.

The FSB claims that the exchanges were used to convert stolen funds into digital assets, which were then moved offshore. Scammers allegedly impersonated bank employees, police officers, and even FSB agents to trick victims into transferring rubles, which were then funneled through these crypto desks.

One investigation revealed a single victim who lost 144 million rubles (approximately $2 million) in a scam where scammers posed as FSB agents. The regulatory environment in Russia has been tightening, with the State Duma passing legislation requiring all cryptocurrency exchanges to register in a special government registry in July 2026.