After its new law on cryptocurrencies, Russia tightens its control on unregistered platforms. In Moscow, the FSB conducted raids on nine exchange platforms suspected of laundering funds from
After its new law on cryptocurrencies, Russia tightens its control on unregistered platforms. In Moscow, the FSB conducted raids on nine exchange platforms suspected of laundering funds from scams. More than 20 employees were arrested during this operation. According to authorities, these structures converted money stolen from Russian victims into crypto-assets before transferring it to accounts linked to Ukrainian intermediaries.
A few days after the official adoption of the framework legalizing cryptocurrencies, the Russian Federal Security Service conducted this operation with the Russian Ministry of Interior. The raids targeted nine unregistered cryptocurrency exchange platforms in the Moscow International Business Center. The FSB stated in a press release published on Friday that these structures participated in networks enabling the transfer abroad of funds coming from frauds. More than 20 employees were arrested as part of this investigation.
According to authorities, the funds came from Russian victims of phone scams. The FSB links these frauds to fraudulent call centers based in Ukraine. Couriers aged 18 to 25 collected cash from victims before handing it over to the platforms. Operators then converted these amounts into cryptocurrency to enable their transfer to accounts of Ukrainian intermediaries.
Russia is also examining the role of people employed by these platforms. According to the FSB, some recruits came from different Russian regions and had limited financial knowledge. Authorities are now seeking to determine their involvement in the operations. This investigation should also help reconstruct the different networks used to move the funds.
Start your crypto adventure safely with KrakenThis link uses an affiliate program.The system described by the FSB is based on several successive steps. Victims first handed their money to couriers recruited for this task. These then delivered the cash to the concerned exchange platforms. Operators finally converted these funds into crypto-assets before transferring them abroad.
For its part, the Ministry of Interior has opened a criminal investigation for large-scale fraud. According to the information provided, this offense can result in up to ten years in prison under Russian law. Meanwhile, the FSB continues to identify the victims involved. Authorities must also assess potential compensation.
This operation therefore takes place in a context of increased surveillance of unregistered exchange platforms. The closure of the nine structures allows authorities to focus their investigations on the financial flows involved. The FSB is notably continuing the analysis of transfers and individual responsibilities.
The next steps will depend on the results of the investigation conducted in Moscow. Authorities must identify the victims, specify the roles of the arrested individuals, and assess potential losses. Russia could thus provide more details on how this network operates and on the legal consequences of the operation.
