Russia Cracks Down on Illegal Crypto Exchanges, Dozens Raided in St. Petersburg

Key Takeaways

• Russian authorities have launched a major crackdown on illegal crypto exchange operations in St. Petersburg.
• Authorities raided dozens of locations, leading to the arrest of over 90 individuals.
• The Russian government aims to regulate the cryptocurrency market and prevent its misuse for illicit activities.

Russian law enforcement agencies have launched a major crackdown in St. Petersburg.

The operation, spearheaded by Russia’s Ministry of Internal Affairs, has arrested several individuals and seized assets linked to illegal crypto exchange networks.

Russian authorities took this latest action as part of a broader campaign to regulate the cryptocurrency industry and prevent its exploitation for criminal activities.

Russia Raid Crypto Exchanges

The coordinated effort has resulted in raids on numerous locations suspected of being involved in illicit crypto exchange operations.

Authorities in Russia executed search warrants at dozens of addresses linked to these underground crypto exchanges, seizing computers, financial records, and other evidence.

The operation involved law enforcement personnel from across Russia and has led to the arrest of over 90 individuals connected to the illegal activities.

Multiple charges, including organized crime, illegal banking activities, and the illegal circulation of payment instruments, have been filed against the suspects. The charges reflect the serious nature of the offenses and the potential harm they pose to the financial system.

The crackdown on illegal crypto exchanges highlights the Russian government’s determination to regulate the cryptocurrency market.

The government is actively taking steps to legalize certain aspects of cryptocurrency trading. However, it has also maintained a strict stance against activities that violate the law.

Moscow Illegal Network Shutdown

Less than ten days ago, Russian law enforcement authorities dismantled another illegal crypto exchange network in Moscow.

The network, which had a turnover of over 200 million rubles, provided illegal banking services, including withdrawing and transferring funds abroad using cryptocurrencies .

The illegal crypto exchange network operated under the guise of travel companies, with offices located in various parts of Russia. The criminals communicated with clients using messaging apps and charged a commission of at least 1% for each transaction.

The authorities have arrested individuals involved in the operation and are investigating the extent of their criminal activities.