Russia’s Federal Security Service (FSB) has conducted raids on nine unregistered cryptocurrency exchange services operating in Moscow, suspecting their involvement in large-scale money laundering tied to Ukraine-based scam call centers.
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AAPLJoint operation targets illicit crypto channels
The FSB reported that more than 20 employees from these exchanges were detained during coordinated operations at the Moscow International Business Center, also known as Moscow City.
The sweep was part of broader efforts by Russian authorities to disrupt financial channels allegedly used to move the proceeds of fraud abroad via cryptocurrency transactions.
In its official statement released Friday, the FSB stated that these exchanges facilitated the conversion of money, obtained through phone scams targeting Russian citizens, into cryptocurrency. These funds were then reportedly transferred to cryptocurrency accounts belonging to individuals described as Ukrainian handlers.
The FSB serves as Russia’s main internal security and intelligence agency, tasked with counterintelligence and counterterrorism operations, and frequently collaborates with other law enforcement bodies on major financial crime investigations.
Mini dictionary: Moscow International Business Center (Moscow City), a major commercial district and business hub in the Russian capital, known for its cluster of high-rise office buildings and concentration of financial activity.
Court cases and ongoing investigation
The Interior Ministry confirmed that it has launched a criminal investigation into suspected large-scale fraud relating to these activities. This offense may carry a prison sentence of up to 10 years according to the Russian criminal code.
Investigators said that couriers, typically young people between 18 and 25, collected cash proceeds from scam victims and delivered them to the crypto exchanges for conversion. Authorities noted that these couriers, who were recruited from various Russian regions, often lacked financial experience.
More than 20 employees were detained in Moscow City during the raids, and authorities continue to identify victims and consider potential compensation, according to the FSB.
Russian officials indicated that the operation against these exchanges remains ongoing. They have increased efforts to trace other channels and individuals potentially linked to the fraudulent scheme.
This case highlights the growing scrutiny on unregistered crypto exchanges in Russia as authorities grapple with financial crimes using digital assets.
Regulatory developments
Separately, Russia has recently advanced its stance on cryptocurrency oversight. A new law signed by Russian President Vladimir Putin sets out a regulatory framework for digital assets, with core regulations scheduled to take effect in 2026.
Officials have cited the need for stricter controls on digital currency operations to prevent criminal misuse and enhance protection for citizens using crypto platforms.
