Russian Federal Security Service raided illegal cryptocurrency exchange in Moscow, arresting over 20 people

According to the Moscow Times, the Russian Federal Security Service and the Russian Ministry of Interior jointly raided illegal cryptocurrency exchanges in Moscow, arresting over 20 people and investigating 9 unauthorized channels for exchanging funds. These channels are accused of money laundering by telephone fraud gangs, which convert cash obtained from Russian citizens into cryptocurrency and transfer it out of the country. One of the arrested individuals claimed that their office laundered up to $2 million in a single day. The arrested individuals are mostly Russian youths aged 18 to 25, and the Russian Ministry of Interior has launched a criminal investigation into a large-scale fraud case.