Fraudsters launder $4 billion through Russian crypto trading platforms

Russian fraudsters have transferred more than $4 billion worth of stolen funds through nearly a thousand providers of crypto exchange services active in the country.

The figures have come out as Russia prepares to outlaw most of these platforms and license mainly large financial institutions for crypto trading as part of upcoming regulations.

Russian fraudsters launder almost 300 billion rubles through crypto

Criminals defrauding Russian citizens have managed to launder some 295 billion rubles (over $4 billion) of stolen funds through crypto within a year.

That’s according to study conducted by Sberbank, Russia’s largest lender, the results of which were announced by one of its top executives.

Quoted by the Interfax news agency on Tuesday, Deputy Chairman of Sber’s Management Board Stanislav Kuznetsov detailed:

“We have presented several figures here, based on analysis by Sberbank experts: nearly 300 billion rubles, or approximately $4 billion in stolen funds, are currently being withdrawn, one way or another, using cryptocurrency and crypto exchange offices.”

Speaking at an international security forum held this week near the Russian capital, Kuznetsov noted these are not proper trading venues for digital assets.

He made it clear he was referring to around 900 physical locations and online sites, including many on the darknet, that were active in the Russian Federation in 2025.

These platforms accept the illegally obtained funds, convert them into digital money and then back into fiat a few times, before they are eventually withdrawn as cash, the banker explained.

And when cybercriminals attack companies or other organizations, blocking their operations with malicious software, the ransom demanded is usually paid directly in cryptocurrency, he added.

Kuznetsov reminded that Russia’s new law “On Digital Currency and Digital Rights” was recently passed on first reading by the State Duma, the lower house of parliament.

“We hope this law will move forward with a second and third reading very quickly. It will provide the basis for regulating this area, which we consider very important,” emphasized the Sber executive.

Russia set to regulate its crypto market by the summer

The bill, which is part of a legislative package introducing comprehensive rules for the Russian crypto space, overcame its first parliamentary hurdle in April, as reported by Cryptopolitan.

It aims to legalize the circulation of digital assets, including decentralized cryptocurrencies like Bitcoin and fiat-pegged stablecoins, in the Russian economy.

It should also widen access to include non-qualified investors, although a $4,000 annual limit for the latter, who will be able to buy only the most liquid cryptos, as well as the expected reduction of authorized exchange services are likely to result in the opposite.

Under the legislation, which must be adopted and enforced no later than July 1, 2026, both private individuals and legal entities will be able to legally purchase coins only through approved intermediaries.

This includes traditional banks, brokers, stock exchanges, and trustees, which will be allowed to work with cryptocurrencies under their existing licenses, as well as dedicated crypto platforms registered with the Central Bank of Russia (CBR), including exchanges and depositories.

Russia’s financial watchdog, Rosfinmonitoring, recently described crypto exchanges as a weak link in the country’s financial infrastructure, often used for money laundering, recalled the business news portal RBC, which also relayed Kuznetsov’s comments.

The government agency backed the adoption of strict regulations for the digital-asset trading platforms, similar to those that are in place for banking institutions.

The legal framework that’s currently under review is based on a regulatory concept announced by the Bank of Russia in late December 2025.

It has been criticized for being overly restrictive by both lawmakers and bankers, who already made proposals tailored to liberalize the draft law.

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