Key facts
- Nine unregistered crypto exchanges in Moscow were shut down by Russia's FSB.
- Over 20 individuals were detained in connection with the operation.
- The exchanges allegedly laundered money stolen from Russian citizens through Ukrainian scam call centers.
- Stolen funds were converted to cryptocurrency and transferred abroad.
- A criminal investigation for large-scale fraud has been launched.
Russia's Federal Security Service (FSB) has shut down nine unregistered cryptocurrency exchanges in Moscow, detaining over 20 individuals. Authorities allege these exchanges were used to launder money stolen from Russian citizens, with funds converted to cryptocurrency and sent abroad via Ukrainian scam call centers. The FSB stated that young people from Russian regions were recruited to work at these exchanges, often with limited financial literacy, and were instructed to collect cash from victims and transfer it into digital assets. The Interior Ministry has initiated a criminal investigation into large-scale fraud, which carries a maximum penalty of 10 years imprisonment. The FSB did not identify the specific exchanges, cryptocurrencies, or the total sums stolen, nor did it provide evidence for the alleged Ukrainian coordination.