Russia Closes Down 9 Unregistered Crypto Exchanges in Moscow, FSB Alleges Money Laundering of Fraudulent Funds

Odaily News: Russia's Federal Security Service (FSB) conducted surprise raids on 9 unregistered cryptocurrency exchange service providers in Moscow, alleging they were involved in transferring funds obtained through fraud abroad via crypto assets. More than 20 employees were detained at the Moscow International Business Center.

The FSB stated that these exchanges converted stolen funds from Russian phone scam victims into cryptocurrency and transferred them to accounts of what it claims are Ukrainian processors. The operation was carried out jointly by the FSB and the Russian Ministry of Internal Affairs.

Russia's Ministry of Internal Affairs has launched a criminal investigation into large-scale fraud, which under Russian law carries a maximum sentence of 10 years in prison. The FSB said it is continuing to identify victims and assess potential compensation. (Cointelegraph)