Russia closes nine crypto exchanges, detains over 20 staff over fraud

Russia’s Federal Security Service (FSB), together with the Interior Ministry, raided nine unregistered cryptocurrency exchange services in the Moscow International Business Center. More than 20 employees were detained and the exchanges were accused of converting money stolen from Russian victims of phone‑scam call centres into crypto and sending it to accounts linked to Ukrainian handlers. Couriers aged 18 to 25 were reported to have collected cash from victims and delivered it to the exchanges for conversion. The operation is part of a broader crackdown on illicit crypto activity amid sanctions and a pending regulatory framework, with penalties of up to ten years in prison. Authorities said they will continue to identify victims and assess possible compensation.