Russia Raids 9 Unregistered Crypto Exchanges in Moscow, Detains More Than 20
Summary
- The Federal Security Service said it searched nine unregistered cryptocurrency exchanges at the Moscow International Business Center and other locations.
- The exchanges were believed to have been involved in converting funds from financial fraud targeting Russian citizens into cryptocurrency and transferring the money to overseas accounts.
- Russia's Interior Ministry has opened a criminal investigation, and those found guilty could face up to 10 years in prison.
Forecast Trend Report by Period
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 the nine exchanges at the Moscow International Business Center and other locations in the city. The FSB later detained more than 20 exchange employees.
The FSB believes the exchanges were involved in converting money stolen from Russians through financial fraud into cryptocurrency and transferring it to overseas accounts. Authorities also alleged the stolen funds were tied to fraud groups in Ukraine and local coordinators there.
Russia's Interior Ministry has opened a criminal investigation. If convicted, those charged could face up to 10 years in prison under Russian law.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul