Russia Cracks Down on Moscow Crypto Exchanges Over Fraud Links

Russian authorities have cracked down on nine unregistered cryptocurrency exchange services in Moscow City, detaining over 20 employees and alleging links to fraud schemes.

The Federal Security Service (FSB) conducted a joint operation with the Interior Ministry, accusing the exchanges of converting stolen rubles into digital assets before transferring them abroad. The investigation suggests that victims were persuaded to hand over cash, which was collected by couriers from Russian regions and delivered to exchange offices in Moscow City.

The authorities claim that employees then converted the money into cryptocurrency, which could be transferred without relying on international bank payments. Investigators are tracing the movement of funds and attempting to identify additional victims.