Russia detains over 20 in Moscow City crypto exchange raids

FSB and Interior Ministry Target Moscow City's Gray-Market Exchanges

Russia's FSB and Interior Ministry shut down nine unregistered cryptocurrency exchange offices in Moscow's financial district on Friday, detaining more than 20 employees alongside couriers accused of collecting cash from fraud victims. The raids were carried out inside the Federation Vostok tower, one of Moscow City's most recognizable skyscrapers, where the crypto offices had been operating alongside legitimate businesses.

The FSB claimed Ukraine-based scam call centers used these gray-market exchange offices to convert stolen cash into cryptocurrency and funnel it out of Russia. Scammers reportedly impersonated bank employees, police officers, and even FSB agents to trick victims into transferring rubles, which were then funneled through these crypto desks and moved offshore as digital assets. Some of those arrested claimed on camera that they believed they had been working as undercover informants for either the FSB or Russia's financial watchdog, Rosfinmonitoring.

Charges, Scale, and the Broader Regulatory Shift

Those charged face up to 10 years in prison under large-scale fraud statutes. In an FSB video shared by state media, one of those arrested said that up to $2 million was laundered through their office in a single day. The case is being prosecuted as alleged complicity in large-scale fraud, rather than solely as a licensing violation.

The sweep arrives at a significant moment for Russia's crypto sector. A new law passed by the State Duma in July 2026 will require cryptocurrency exchanges to formally register with Russian authorities, with that mandate set to take effect in 2027. Until now, many exchanges operating in Moscow City occupied a regulatory gray zone, technically unlicensed but not explicitly outlawed, a status the raids and the incoming registration rules are clearly designed to close. Separately, mining restrictions are being imposed in the Moscow region starting in August 2026, part of a patchwork approach to managing the industry's energy consumption and regulatory footprint.

Under the emerging framework, non-qualified investors will be able to buy approved liquid cryptocurrencies through intermediaries after passing a test, subject to an annual limit, while qualified investors will have wider access. Domestic payments for goods and services in crypto remain prohibited, with cross-border use permitted under defined conditions.

Sources:
The Moscow Times: FSB Raids Moscow City Crypto Exchanges Accused of Laundering Stolen Cash
Crypto Briefing: Russia shuts down nine unregistered crypto exchanges in Moscow
Coindoo: Russia Raids Nine Crypto Exchanges as New Rules Loom