Russia has detained over 20 workers in raids on nine crypto exchanges over alleged laundering scheme tied to scam proceeds.
According to an official statement from Russia’s Federal Security Service (FSB), authorities, working with the Interior Ministry, shut down nine unregistered cryptocurrency exchange services operating from Moscow’s business district after alleging they were used to convert money stolen through phone scams into cryptocurrency and send it to accounts controlled by Ukrainian coordinators.
The operation took place at the Moscow International Business Center, commonly known as Moscow City, where more than 20 employees of the exchange services were detained. The FSB alleged the exchanges formed part of nine overseas-coordinated channels used to move funds out of Russia through crypto transactions.
Authorities said the case centers on proceeds from remote fraud targeting Russian citizens. According to the FSB, victims remained in continuous contact with scam call centers, followed detailed instructions from fraudsters and did not realize the nature of the transactions they were carrying out.
Crypto exchange workers and couriers face fraud charges
Investigators allege the exchange services sold cryptocurrency to victims, including pensioners who were acting under the influence of scammers, before transferring the digital assets to accounts belonging to what the FSB described as Ukrainian handlers.
Alongside the exchange employees, authorities detained alleged accomplices between the ages of 18 and 25 who, according to the agency, worked as couriers. Officials said the couriers collected cash from defrauded individuals and delivered it to the crypto exchange points for conversion before the funds were allegedly sent abroad.
The FSB also said many of the people recruited to work at the exchanges had been hired remotely from different Russian regions despite lacking sufficient financial knowledge. Investigators alleged they had been drawn into the operation by promises of easy earnings.
Russia’s Interior Ministry has opened criminal cases under Part 4 of Article 159 of the country’s Criminal Code, covering fraud on an especially large scale. According to the authorities, exchange employees and couriers are being investigated as alleged accomplices in the offenses and could face prison terms of up to 10 years if convicted.
At the same time, officials said they are continuing to identify additional victims, verify witness statements and determine whether financial losses can be recovered.
Russia steps up oversight before crypto rules take effect
The enforcement action comes less than a week after President Vladimir Putin signed Russia’s new digital asset law, which establishes a regulated framework for cryptocurrency exchanges, brokers, custodians and other market participants beginning Sept. 1.
