Russia Cracks Down on Unlicensed Crypto Exchanges Linked to Ukraine

Russia's Federal Security Service (FSB) has made significant moves to crack down on unlicensed cryptocurrency exchanges it claims are linked to Ukraine. The FSB detained over 20 people who allegedly worked for these exchanges, which were used to transfer stolen funds from Russian scam victims to Ukraine.

The arrests took place in Moscow City, a high-rise business district, and nine channels used to transfer funds abroad through cryptocurrency have been shut down by the FSB and the Interior Ministry. The agency claimed that the ring it busted relied on call centers in Ukraine that targeted Russians remotely, including pensioners.

According to the FSB, young people from Russian regions were recruited to work at these crypto exchanges despite having limited financial literacy. The victims were allegedly kept on the phone and told in detail how to proceed before being sent to the crypto exchange offices to buy cryptocurrency and transfer it to accounts controlled by the alleged criminals.

The agency did not identify the specific cryptocurrencies used or the amount of money stolen from Russian victims. It also failed to release evidence supporting its claims that the operation was coordinated by Ukrainian call centers.