Russia’s FSB Raids Nine Crypto Exchanges in Moscow Over Alleged Fraud Links

Russia’s Federal Security Service raided nine unregistered crypto exchange services operating in Moscow’s business district, accusing them of laundering money stolen through phone scams and moving it abroad via crypto assets.

Dozens Detained in Coordinated Raid

More than 20 employees were detained at the Moscow International Business Center as part of a joint operation between the FSB and Russia’s Interior Ministry. Authorities said the exchanges converted funds stolen from Russian scam victims into cryptocurrency, then transferred the proceeds to accounts belonging to alleged handlers based in Ukraine.

Young Recruits Used as Couriers

According to the FSB, couriers between the ages of 18 and 25 were used to collect cash directly from victims before delivering it to the exchanges for conversion into crypto. The agency said young people from various Russian regions were recruited to staff the exchanges, often despite having little financial experience or literacy.

Criminal Investigation Underway

Russia’s Interior Ministry has opened a criminal investigation into large-scale fraud, an offense that carries a penalty of up to 10 years in prison under Russian law. The FSB said it continues working to identify additional victims and determine potential compensation as the investigation moves forward.