Russia: Saint Petersburg Police Begin Crackdown on ‘Illegal Crypto Exchanges’
Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...
Russia has reportedly launched a crackdown on illegal crypto exchanges, with officers raiding “dozens of addresses” in Saint Petersburg and beyond.
Per the Russian media outlets 47news and 78.ru, officers swooped on addresses in “14 different areas.”
They claim that police have arrested or cautioned “over 90 people” in raids. The Economic Security Department of the Ministry of Internal Affairs also reportedly took part in the operation.
The exchanges in question appear may be part of a wider network. They also may be connected to a money laundering ring. 47News explained:
“The scale of the [police operation] can be understood by the degree of organization involved.”
The media outlet explained that “hundreds” of Moscow-based Russian Ministry of Internal Affairs officials, local police officers, and Criminal Investigation Department agents met at 4 am on October 2.
They then reportedly began “rolling raids” on addresses at 6-7 am the same day. The police officers then “divided into dozens of groups, after which each senior member of the group received a sealed package with a search warrant enclosed,” 47News wrote.
Crypto exchanges have no legal status in Russia, but the government suspects many companies of helping Russians smuggle money out of the country.
They think that firms are using crypto as a remittance tool for illegal cross-border currency transfers.
The media outlets say that the exchanges’ masterminds are being charged with organized crime, illegal banking activities, and illegal circulation of payment instruments-related
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