Russia Cracks Down on Unlicensed Crypto Exchanges Amid Wider Regulatory Efforts

Russian authorities have taken down nine unregistered cryptocurrency exchange operations in one of the country's largest crypto-related enforcement actions since adopting a broader regulatory framework for digital assets.

The operations, which allegedly helped launder money stolen through Ukrainian call-center scams, were shut down by Russia's Federal Security Service (FSB) and Ministry of Internal Affairs. More than 20 people were detained during raids in Moscow's business district, with several individuals believed to be acting as couriers for the exchange operations.

The FSB claims that victims remained in contact with scammers throughout the fraud process, following detailed instructions without realizing they were ultimately purchasing cryptocurrency. Investigators allege that the exchange operators converted the victims' funds into crypto assets before transferring them to accounts controlled by individuals outside Russia.