Russian authorities detained more than 20 people in a joint operation targeting unregistered cryptocurrency exchange services operating in the capital’s main business district. The Federal Security Service said the action dismantled nine channels used to convert funds obtained through remote fraud into digital assets and move them abroad.

Operation Targets Exchange Points in Moscow City

The raids took place at the Moscow International Business Center, known as Moscow City. According to an official statement, the Federal Security Service worked with the Interior Ministry to close the unregistered services. Authorities stated that the exchanges converted cash stolen from Russian victims of telephone scams into cryptocurrency and transferred the assets to accounts controlled by individuals described as Ukrainian handlers.

Investigators said the scheme relied on call centers that contacted Russian citizens, including pensioners, and kept them on the line while giving precise instructions. Victims were directed to the exchange offices to purchase cryptocurrency and send it onward. Officials reported that some of those detained worked as couriers between the ages of 18 and 25. These individuals collected cash from the defrauded parties and delivered it to the exchange points for conversion.

The agency noted that many recruits came from different parts of the country and lacked substantial financial knowledge. No names of the exchange services, specific cryptocurrencies involved, or total sums transferred were disclosed. Authorities also did not release supporting evidence for the claimed coordination with Ukrainian call centers.

Criminal Probe and Potential Penalties

The Interior Ministry opened a criminal investigation into fraud on an especially large scale under Part 4 of Article 159 of the Russian Criminal Code. The offense carries a maximum sentence of up to 10 years in prison. Exchange employees and the couriers are being treated as alleged accomplices. Officials said work continues to identify additional victims, verify statements, and assess the possibility of recovering losses or providing compensation.

The operation forms part of broader efforts to disrupt channels allegedly used to move illicit funds out of the country through cryptocurrency transactions. Authorities indicated that further inquiries into related networks remain active.

Timing Amid New Digital Asset Rules

The enforcement action occurs weeks before core provisions of Russia’s new digital asset legislation take effect. President Vladimir Putin recently signed the law establishing a regulated framework for cryptocurrency exchanges, brokers, custodians and other participants, with key rules scheduled to begin on September 1. Providers will be required to register with the government and meet minimum capital standards. Retail purchases face new limits, suitability testing becomes mandatory for investors, and the existing ban on using cryptocurrency for ordinary domestic payments remains in place.

Existing businesses have a transition period before registration becomes compulsory. The services targeted in the latest raids were identified as unregistered points allegedly involved in criminal activity rather than legitimate operations preparing for the new regime. The Bank of Russia is preparing further rules covering organized trading, digital depositories and investor protections ahead of the launch.

Earlier measures have included expansions of regional mining restrictions and the creation of a mining registry to separate authorized operators from unauthorized ones. The latest detentions underscore the authorities’ focus on unregistered activity as the regulated market approaches.