Moscow law enforcement seize cash, documents, hardware in crypto office operations

Russian law enforcement agencies are raiding the offices of crypto exchange operators in the Moscow City business center, seizing cash and looking for people.

According to sources close to Russia’s security services, the operation is linked to an ongoing investigation into illegal transfer of funds to foreign countries.

Russian police search crypto exchange offices in Moscow

Law enforcement officers are searching the offices of crypto trading platforms in the Moscow International Business Center, seizing large amounts of money, documents and hardware.

Multiple raids have been carried out over the past weeks, Russian media reported, quoting Telegram channels publishing information sourced from the police and other security agencies.

The actions are part of an investigation into suspected capital flight, more specifically to the city of Dubai in the United Arab Emirates (UAE), according to Bits.media.

Two cryptocurrency exchange service providers, Rapira and Mosca, have been targeted in particular, the crypto news outlet detailed.

On Friday, the Baza Telegram channel, which is close to the Russian police and the Federal Security Service (FSB), unveiled:

“More than $10 million, 100 million rubles, and 200,000 euros were seized at one of these exchanges. At the moment, funds are also frozen on several other Chinese exchanges.”

“Law enforcement officers are circulating the premises with a list of people who can lead them to one exchange or another,” the online source added.

Baza also learned that all this is part of a procedural probe, not a criminal case yet, highlighting that “preliminary reports indicate that several officials may also be involved.”

Lawyers representing the exchanges’ owners from the Mushailov, Uzdensky, Rybakov & Partners law firm declined to comment.

Agents are checking cards issued by the exchange firms to different people and searching for contact lists providing access to other platforms.

Meanwhile, VChK-OGPU reported that police arrived at the Moscow City center on Thursday, asking questions about “offices working with crypto” or processing payments to Chinese factories.

They were “extremely serious” and “seizing everything,” the Telegram channel wrote, adding that users of the raided coin exchange offices are now deleting correspondence and getting rid of devices.

Crypto exchange Rapira denies links to Dubai

Quoted by the business news portal RBC on Saturday, Rapira confirmed the raids have been taking place. However, the crypto exchange insisted there is no evidence linking it to illegal transfer of funds to Dubai.

In a statement released by its press service, the company said:

“Indeed, authorities have been conducting inspections of exchange offices for two weeks, but we have no information regarding the withdrawal of funds to Dubai.”

The other affected crypto trading firm, Mosca, as well as investigative bodies in Moscow, are yet to officially comment on the matter.

Russian authorities launched a series of raids against cryptocurrency exchanges in the fall of 2024, RBC recalled in its report. Police searched dozens of addresses in 14 regions, including St. Petersburg, Russia’s second-largest city.

Criminal investigations were opened under various articles of the country’s criminal code, including for illegal banking activity and illegal circulation of payment instruments.

More than 90 individuals were named as defendants in the case against the operators of the UAPS anonymous payment system and the Cryptex exchange.

They are believed to have provided services to cybercriminals, including cryptocurrency exchange, transfer of funds and money laundering. In 2023, the group’s turnover exceeded 112 billion rubles (over $1.3 billion today).

Recent legislative changes and a new system for identifying and blocking criminal transactions, announced by the Bank of Russia earlier this year, have been criticized as effectively targeting crypto trading in the country.

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