Russian FSB Raids Crypto Exchanges in Moscow City Hub

Russian authorities raided nine unlicensed crypto exchanges in Moscow City, following President Putin's signing of a strict new digital currency law.

Russian security services have carried out a large-scale operation against illegal cryptocurrency exchange offices in the “Moscow City” financial district. The crackdown comes just days after President Vladimir Putin signed a new law placing the crypto sector under much stricter state control.

Investigation Targets Nine Crypto Offices

The Russian Federal Security Service (FSB), in collaboration with the Ministry of Internal Affairs, conducted a coordinated operation against nine unregistered crypto service providers operating from the Moscow International Business Center, commonly known as “Moscow City.”

According to investigators, more than 20 individuals—primarily employees and couriers aged between 18 and 25—were detained. Authorities stated these individuals were recruited remotely from various Russian regions to process large sums of cash and support the operations of unlicensed exchange offices.

During interrogations, some of the detainees claimed they believed they were working as associates for the FSB or the Russian financial monitoring service, Rosfinmonitoring.

Authorities Link Scheme to Phone Fraud

Russian authorities allege these illegal crypto offices were used to launder funds obtained through telephone scams targeting Russian citizens. Once the cash was received, the funds were converted into cryptocurrencies and transferred out of the country.

Investigators claim that some of these exchange offices processed transactions worth up to $2 million daily, highlighting the significant scale of the alleged scheme.

The Ministry of Internal Affairs has already initiated criminal proceedings for large-scale fraud. If convicted, the suspects could face up to 10 years in prison.

New Law Tightens State Control Over Crypto

The raid took place only days after President Vladimir Putin signed the new law “On Digital Currency and Digital Rights,” which introduces significantly tougher state oversight of the crypto industry.

This new regulatory framework mandates that all crypto exchanges, brokers, and digital asset service providers register with the Central Bank of Russia by July 2027. After this deadline, unregistered exchange offices and “gray” P2P schemes will be considered illegal, and organizing unauthorized exchange channels will carry serious criminal liability.

The operation in “Moscow City” is seen as the first major signal that Russian authorities intend to actively enforce the new regulatory framework. It also marks a shift in Moscow’s approach toward the crypto market—moving from limited oversight to aggressive enforcement against unregistered participants and the informal sector.