Moscow City, Crypto Exit: FSB Raids 9 Exchanges in Fraud Laundering Sweep

Russia's Federal Security Service (FSB) announced Friday that it raided nine unregistered crypto exchange services operating in the Moscow International Business Center, known as Moscow City, detaining more than 20 employees as part of a coordinated operation with Russia's Interior Ministry. The agency said the exchanges were used to convert cash obtained from Russian victims of phone scams into cryptocurrency, which was then transferred to accounts belonging to what authorities described as Ukrainian handlers.

According to an official FSB statement, the operation targeted channels allegedly used to move illicit funds abroad. The Interior Ministry has opened a criminal investigation into large-scale fraud, an offense punishable by up to 10 years in prison under Russian law. The FSB said it is continuing to identify victims and assess potential compensation.

Authorities reported that couriers aged 18 to 25 collected cash from victims and delivered it to the exchanges for conversion into digital assets. The FSB said young people from Russian regions were recruited to work at the exchanges despite having limited financial literacy. The agency did not name any of the targeted services or specify the cryptocurrencies involved.

The crackdown comes as Russia moves to formalize its digital asset framework. Russian President Vladimir Putin has signed a crypto law with core rules set to take effect in 2026. The FSB said its investigation remains active and additional identifications of those involved are ongoing.