Russia Cracks Down on Unlicensed Crypto Exchanges in Moscow

Russian authorities have taken a hard stance against unlicensed cryptocurrency exchanges in Moscow. According to reports, more than 20 people were detained for operating nine unregistered crypto exchange desks within the Federation Vostok tower.

The Federal Security Service (FSB) claims that these desks converted phone scam proceeds into cryptocurrency and funneled the money abroad. One victim reportedly lost $2 million after scammers posed as FSB agents, instructing them to transfer funds through a crypto platform.

The FSB alleges that Ukrainian call centers were involved in the scheme, using gray-market exchange offices in Moscow City to convert stolen cash into cryptocurrency. However, officials have not provided evidence to support this claim, raising concerns about the agency's attribution.