Russia Raids 9 Unregistered Crypto Exchanges in Moscow, Detains More Than 20
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Russian authorities raided nine unregistered cryptocurrency exchanges in Moscow.
Cointelegraph reported on August 7 that Russia’s Federal Security Service, or FSB, and the Interior Ministry searched nine unregistered crypto exchanges at sites including the Moscow International Business Center. The FSB then detained more than 20 exchange employees.
The FSB believes the exchanges helped convert money stolen from Russians in financial scams into cryptocurrency and transfer the funds to overseas accounts. Authorities alleged the stolen money was tied to fraud groups based in Ukraine and their local handlers.
Russia’s Interior Ministry has opened a criminal investigation into the case. If convicted, the suspects could face prison terms of up to 10 years under Russian law.
