Authorities allege the platforms converted scam proceeds into crypto and transferred funds to Ukrainian handlers.
Russian authorities closed nine unregistered cryptocurrency exchanges in Moscow, accusing them of laundering proceeds from phone scams. The Federal Security Service (FSB) detained over 20 employees linked to the operations, which allegedly involved converting stolen funds into crypto and transferring them abroad, including to Ukrainian accounts.
The raids targeted exchanges in Moscow City, with the FSB claiming the platforms were used to move illicit funds tied to fraudulent call centers. Authorities said couriers, often young recruits with limited financial knowledge, collected cash from victims and delivered it to the exchanges for conversion. A criminal investigation into large-scale fraud was launched, carrying potential prison sentences of up to 10 years.
The FSB and Interior Ministry conducted the operation jointly, stating they are identifying victims and assessing compensation. No immediate market reaction was reported, but the crackdown highlights regulatory scrutiny on crypto transactions in Russia.