Bitcoin Exchange with 200 Million Ruble Turnover Shut Down in Moscow City

Moscow police have halted the operations of an illegal cryptocurrency exchange with a turnover exceeding 200 million rubles, according to the press service of the Russian Ministry of Internal Affairs.

Investigators allege that a transnational group of criminals provided services for cashing out and transferring funds through banking operations, cash services for individuals, and selling foreign currency in both cash and non-cash forms, including electronic payments.

The shadow bankers also transferred cryptocurrencies outside of Russia.

The exchange operated under the guise of travel companies, with offices located in the Moscow City business center and other areas of the capital. In reality, no financial or business activities were conducted.

Communication with potential “clients” occurred via messenger. Participants in the scheme charged a commission of at least 1% per transaction.

A criminal case has been opened for illegal banking activities resulting in large-scale income.

During searches of office premises and the residences of those involved, cash in various currencies, seals, electronic data carriers, and communication devices were seized.

The alleged organizer has been charged and is under a travel ban. The investigation is ongoing.

In June, Russian Prosecutor General Igor Krasnov announced oversight of cross-border cryptocurrency transfers through special software.