Russia arrests more than 20 after raids on unregistered crypto exchange services

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.