- Russian authorities raided 14 locations, targeting illegal crypto exchanges in a sweeping operation
- Over 90 arrests made, signaling a strong stance on illegal crypto activities
- The crackdown could reshape the Russia crypto landscape, with potential ties to money laundering
According to reports, Russia has launched a crackdown on illegal cryptocurrency exchanges: police officers raided “dozens of addresses” in St. Petersburg and elsewhere.
Russia Crypto Fraud?
According to Russian media outlets 47news and 78.ru, officers raided “14 different areas.”
The media reports that the police arrested or warned “over 90 people” during the raids. The Economic Security Department of the Ministry of Internal Affairs also reportedly took part in the operation.
Illegal cryptocurrency exchanges near St. Petersburg? The exchanges in question appear to be part of a wider network and may be connected to a money laundering scheme.
47News explained that: “The scale of the [police] operation can be understood by the level of organization involved.”
And..
“Hundreds of officials from the Russian Ministry of Internal Affairs based in Moscow, local police officers, and the Criminal Investigation Department met at 4 a.m. on October 2.”
According to 47News:
“From 6-7 a.m. on the same day, the ‘mass raids’ on the addresses began. The police officers then split into dozens of groups, after which each senior member of the group received a sealed package with a search warrant.”
Conclusion
In conclusion, the massive operation by Russian police against illegal cryptocurrency exchanges shows the government’s commitment to fighting illicit activities in the sector.
With over 90 arrests and raids in 14 locations, the crackdown could have a significant impact on the crypto landscape in Russia, highlighting the risks of links to money laundering and other criminal activities.
