60 individuals have been detained in Russia and Belarus following police raids on a crypto exchange believed to be a front for a money-laundering operation. The state-run news agency TASS reported that Russian and Belarusian security forces carried out the arrests in connection with an "international criminal group" that allegedly stole money from citizens through the guise of offering crypto trading services and selling commodities and foreign exchange currencies.
crypto-exchange-stole-money-from-russians-belarusians-ministry">‘Money-laundering crypto Exchange Stole Money from Russians, Belarusians’ – Ministry
According to Russian Ministry of Internal Affairs official Irina Volk, the criminal organization conducted its operations across the two countries, with police and investigators conducting approximately 80 raids in the Moscow region and Minsk, the capital of Belarus.
The ministry released footage depicting law enforcement agents entering private residences during the raids, shedding light on the scale of the alleged illicit activities.
Volk disclosed that the criminal group had established five call centers in Minsk, where authorities seized computer equipment, mobile devices, accounting records, and access to cloud storage facilities during the raids. Additionally, one of the main suspects and two accomplices were apprehended in the Moscow region.
During the search of the suspected mastermind's properties in Moscow, law enforcement officers seized over 8 million rubles (approximately $88,900), 23 million rubles ($255,560) worth of foreign currency, and 30 units of computer equipment.
crypto-exchanges-still-unregulated">Russian crypto Exchanges Still Unregulated
The Investigative Department of the Russian Ministry of Internal Affairs will oversee the case in Russia, while Belarusian authorities have pledged to initiate a criminal investigation into fraud-related charges against the detained suspects.
Russian law enforcement officials have expressed concerns over the increase in crypto-related criminal activities, echoing similar sentiments voiced by their Belarusian counterparts in recent months.
Moreover, there have been instances where individuals in Russia were arrested for allegedly using cryptocurrencies to transfer funds to the Armed Forces of Ukraine.
Despite the ongoing concerns, crypto exchanges in Russia continue to operate without regulation. Calls have been made for the establishment of a state-run exchange to facilitate coin-to-fiat swaps for industrial miners and international traders, bridging the regulatory gap in the cryptocurrency sector.
