Key facts
- Nine unregistered crypto exchanges in Moscow have been shut down by Russia's FSB.
- Over 20 employees were detained in the operation.
- The exchanges are accused of facilitating money laundering for Ukrainian scam call centers.
- Funds stolen from Russian victims were converted to cryptocurrency and sent abroad.
- A criminal investigation into large-scale fraud has been initiated.
Russia's Federal Security Service (FSB) has conducted raids on nine unregistered cryptocurrency exchanges located in Moscow's International Business Center, commonly known as Moscow City. The agency reported the detention of over 20 employees as part of an operation targeting illicit financial flows. Authorities allege that these exchanges were instrumental in laundering proceeds from fraudulent activities, specifically linking them to Ukraine-based scam call centers. According to the FSB, the exchanges converted funds stolen from Russian victims of phone scams into cryptocurrency, which was then transferred to individuals identified as Ukrainian handlers. The operation involved joint efforts between the FSB and Russia's Interior Ministry. Some of the individuals recruited as couriers, aged 18 to 25, were reportedly tasked with collecting cash from victims and delivering it to the exchanges for conversion into digital assets, despite possessing limited financial literacy. The Interior Ministry has initiated a criminal investigation into large-scale fraud, a charge that carries a maximum penalty of 10 years imprisonment under Russian law. The FSB stated that efforts are ongoing to identify victims and determine potential compensation.