Russia's Federal Security Service (FSB) searched nine unregistered cryptocurrency exchange service providers in Moscow and detained more than 20 employees at the Moscow International Business Center. The FSB said the companies were suspected of using crypto assets to move funds obtained through fraud abroad. The searches were part of a joint operation with Russia's Interior Ministry. According to the FSB, the exchanges converted money stolen from Russian telephone scam victims into cryptocurrency and transferred the funds to accounts the FSB says belong to Ukrainian processors. Russia's Interior Ministry has opened a criminal investigation into large-scale fraud. Under Russian law, the offense carries a maximum prison sentence of 10 years. The FSB said it is continuing to identify victims and assess possible compensation.
Russia's Federal Security Service (FSB) has raided nine unregistered cryptocurrency exchange service providers in Moscow and detained more than 20 employees at the Moscow International Business Center.
The FSB said the businesses are suspected of using digital assets to move the proceeds of fraud abroad. It said the exchanges converted stolen funds from Russian telephone scam victims into cryptocurrency and transferred them to accounts the FSB describes as Ukrainian processing accounts.
The operation was carried out jointly with Russia's Interior Ministry. The 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 evaluate possible compensation.
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