Russia Raids Unregistered Crypto Exchanges in Moscow, Cracking Down on Fraud

Russia's Federal Security Service (FSB) has raided nine unregistered cryptocurrency exchange services in Moscow, detaining over 20 employees as part of a crackdown on fraud. The operation targeted a network that converted cash from telephone scams into digital assets and moved the proceeds abroad.

The joint effort with the Ministry of Interior comes just weeks before a new regulatory framework governing domestic cryptocurrency circulation is set to take effect on September 1. Authorities claim the platforms served as a bridge between conventional fraud and blockchain-based transfers, converting rubles stolen from Russian victims into cryptocurrency before sending funds to wallets controlled by handlers outside the country.

The scheme allegedly began with fraudulent call centers operating from Ukraine, which persuaded victims to hand over cash. Couriers then collected the money and delivered it to exchange offices in Moscow City, where employees converted the cash into digital assets for international transfers.