Because the Russian authorities is contemplating a ban on cash-to-cryptocurrency transactions, some main native crypto trade platforms have skilled police raids.
Mosca, a crypto-to-cash trade situated within the Moscow Worldwide Enterprise Heart, was raided on April 23 in connection with fraud by one among its prospects, Mosca’s growth head Dmitry Titarenko confirmed to Cointelegraph.
“Legislation enforcement businesses have carried out a normal process of checking our buyer knowledge,” Titarenko informed Cointelegraph on the native crypto occasion Blockchain Discussion board 2025.
The Mosca workplace raid adopted on-line experiences linking a number of arrests of some Mosca prospects to a crypto theft involving a sufferer reportedly giving fraudsters an enormous money deposit price thousands and thousands of {dollars}.
Money-to-crypto ban to guard traders?
The police raid on Mosca got here the following day after Evgeny Masharov, a member of the Russian Civic Chamber, proposed banning crypto exchangers from accepting money from their prospects to purchase cryptocurrencies like Tether USDt (USDT).
A possible ban on cash-to-crypto transactions can be a “huge blow to fraudsters,” Masharov mentioned, including that telephone scammers have been “usually utilizing crypto exchangers for withdrawing money funds.”
Subsequently, native information channel Baza reported on the Mosca raid, linking the occasion with a “record-breaking fraud” towards Olga Serova, a former authorities adviser in Russia’s Samara area.
Serova, 71, reportedly fell sufferer to scammers in late 2024, cashing out her financial institution accounts to pass the fraudsters about 421 million Russian rubles ($5.1 million). In keeping with Baza, no less than seven individuals have been arrested, allegedly in reference to the case.
Mosca shoppers should purchase as much as 100,000 USDT with money day by day
Mosca, which permits traders to deposit as much as 100,000 USDT ($100,000) day by day, was unaware whether or not Serova’s incident was related to its workplace raid, Titarenko mentioned.
“Perhaps it was one other consumer,” he mentioned, including that the raid was the primary criminal-case-related workplace raid at Mosca up to now three months.
Titarenko additionally mentioned that Mosca has been actively beefing up its Anti-Cash Laundering and Know Your Buyer checks, together with sustaining a blacklist of suspicious customers.
Associated: Russia’s central bank, finance ministry to launch crypto exchange
The raid caught Mosca throughout a significant native occasion, Blockchain Life, returning to Moscow for the primary time since October 2021. The corporate was one of many predominant visitors on the convention, taking two middle stands and profitable a title of the “finest crypto trade service.”
In keeping with Sergey Mendeleev, a distinguished determine within the Russian crypto group, the proposal to ban cash-to-crypto transactions is an alarming growth for the group.
Talking on the occasion, Mendeleev steered that the Russian authorities is likely to be turning away from crypto adoption if it approves such a ban.
He additionally talked about that raids are a standard scenario for crypto trade companies situated on the Moscow Worldwide Enterprise Heart, also called Moscow Metropolis.
Garantex, a crypto trade that halted trading after Tether froze $27 million in USDT resulting from sanctions, was additionally among the many exchangers situated in Moscow Metropolis.
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