Russia Shuts Down Nine Unregistered Crypto Exchanges in Moscow
Russian authorities have cracked down on unregistered cryptocurrency exchanges operating in Moscow. The Federal Security Service (FSB) and Interior Ministry carried out a coordinated sweep, detaining over 20 people involved with nine unlicensed crypto exchange operations.
The raids targeted the Federation Vostok tower, where the crypto desks were operating alongside legitimate businesses. Authorities alleged that these exchanges served as conversion hubs for funds stolen through phone scams, often impersonating bank employees or FSB agents to trick victims into transferring rubles.
One investigation revealed a single victim lost 144 million rubles (approximately $2 million) after scammers posed as FSB agents and convinced the individual to transfer funds through a crypto platform.
The crackdown comes as Russia tightens its regulatory net around cryptocurrency. In July 2026, the Russian State Duma passed legislation requiring all exchanges to register in a government registry by 2027.