Russia cracks down on unlicensed crypto exchanges it claims are linked to Ukraine
The FSB said at least 20 individuals were arrested in connection with a ring that scammed an undetermined number of Russian citizens.
Russian authorities have disbanded nine unregistered cryptocurrency exchanges in Moscow, accusing them of aiding in money laundering linked to fraudulent schemes originating from Ukraine. The Federal Security Service (FSB) conducted raids targeting these exchanges, detaining over 20 employees at Moscow International Business Center (Moscow City).
Authorities claim the exchanges were used to convert stolen funds from Russian phone scam victims into cryptocurrency and transfer it to accounts managed by alleged Ukrainian handlers. The operation involved both the FSB and Russia's Interior Ministry, with couriers aged between 18 and 25 allegedly recruited to collect cash from victims for conversion into crypto.
Russian law allows for a maximum of 10 years in prison for large-scale fraud. The FSB is still working to identify victims and determine potential compensation.
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- Russia cracks down on 9 crypto exchanges in Moscow City cointelegraph.com
