Russia Cracks Down on Unregulated Crypto Exchanges
Russian authorities have taken a major step in cracking down on unregulated cryptocurrency exchanges. In a recent operation, they raided nine such exchanges in Moscow, suspecting them of facilitating money laundering linked to scam proceeds.
The operation, carried out jointly by the Federal Security Service (FSB) and Russia's Interior Ministry, targeted exchanges that allegedly helped convert stolen funds into cryptocurrencies. The FSB stated that young people from Russian regions were recruited to work at these exchanges despite having limited financial literacy.
Over 20 employees have been detained so far in connection with the raids. Investigators are now working to identify additional victims and determine the scale of losses involved. Russia's Interior Ministry has opened a criminal investigation into large-scale fraud, which can carry a prison sentence of up to 10 years under Russian law.