Russia Shuts Nine Moscow Crypto Exchanges in Fraud Probe

Moscow City, the Russian capital’s main financial district, has become a hub for over-the-counter cryptocurrency dealers offering conversions among cash, rubles and digital assets. The sector has drawn scrutiny over weak customer checks and potential money laundering. The enforcement action comes as Russia prepares to introduce a regulated cryptocurrency market on Sept. 1, 2026, bringing exchanges and other intermediaries under tighter state oversight.

Russia’s Federal Security Service, or FSB, and the Interior Ministry said in August 2026 that they had shut nine unregistered cryptocurrency exchanges in Moscow City and detained more than 20 employees. Authorities alleged the businesses converted proceeds from telephone scams into cryptocurrency and transferred the assets abroad. Officials did not disclose the value of the suspected transactions, identify the exchanges or provide detailed charges against individual detainees.