Russia’s Federal Security Service said it dismantled nine cryptocurrency channels allegedly used to move fraud proceeds abroad, detaining more than 20 workers at unregistered exchange points in Moscow’s financial district as authorities widened a crackdown on crypto-linked money flows.
The FSB said the operation was conducted jointly with the Interior Ministry and targeted exchange offices operating from the Moscow City business district.
According to the agency, Ukrainian call centers used the outlets to convert money stolen from Russian citizens through remote scams into cryptocurrency before transferring the assets to accounts controlled from abroad.
Investigators said some victims, including pensioners, remained in continuous contact with fraudsters and followed step-by-step instructions without understanding that their money was being converted into crypto and sent onward.
Moscow crypto exchangers and couriers face criminal cases
The FSB said the exchange points also relied on young recruits brought in remotely from Russian regions, describing them as people with limited financial knowledge who had been attracted by promises of easy earnings.
Authorities also detained alleged couriers aged between 18 and 25 who, according to investigators, collected cash from defrauded victims and delivered it to the exchange points for conversion into cryptocurrency and transfer to Ukraine.
Russian investigators are now trying to identify additional victims as they work to establish the full scale of the network, verify testimony and determine whether stolen funds can be recovered.
The Interior Ministry has opened criminal cases under Part 4 of Article 159 of Russia’s Criminal Code, which covers large-scale fraud.
Employees of the crypto exchanges and the couriers are being investigated as alleged accomplices and could face prison terms of up to 10 years if convicted.
Crackdown comes days after Putin signs sweeping crypto-market law
The enforcement action comes shortly after President Vladimir Putin signed Federal Law No. 282-FZ, creating a regulated cryptocurrency market covering exchanges, custodians, brokers and other digital-asset businesses from Sept. 1, 2026.
The law places registered operators under Bank of Russia supervision and introduces formal access rules for both retail and qualified investors. Non-qualified investors will face suitability requirements and annual limits, while qualified investors will have broader access.
Under the framework, crypto will remain banned for domestic payments, but exporters and importers will be allowed to use digital assets in cross-border settlements, giving Moscow tighter oversight of a sector that had long operated in a legal gray area.
