Russia cracks down on illegal crypto exchanges in major raid

Russian authorities have launched a large-scale crackdown on illegal cryptocurrency exchanges, conducting raids on dozens of addresses in Saint Petersburg and beyond. The operation, involving officers from the Ministry of Internal Affairs and local police, has resulted in over 90 arrests or cautions. The exchanges are believed to be part of a network facilitating illegal cross-border money transfers using crypto.

The government, which does not legally recognise crypto exchanges, suspects these platforms of being used for money laundering. The raids have targeted key figures in the operation, with charges of organised crime and illegal banking activities expected. Investigations continue, with the authorities uncovering further leads on the network’s operations.