“Dozens of addresses” raided in Saint Petersburg and beyond, media outlets claim
Officers have reportedly raided “dozens of addresses” in Saint Petersburg and other locations as part of Russia’s crackdown on illicit cryptocurrency exchanges.
Per the Russian media outlets 47news and 78.ru, officers swooped on addresses in “14 different areas.”
According to their claims, police have detained or warned “over 90 people” during raids. According to reports, the Ministry of Internal Affairs’ Economic Security Department participated in the operation as well.
Illegal Crypto Exchanges: Based Near Saint Petersburg?
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.”
According to the media outlet, “hundreds” of representatives from the Russian Ministry of Internal Affairs in Moscow, local law enforcement officers, and agents from the Criminal Investigation Department convened at 4 a.m. on October 2.
At 6-7 am that same day, they allegedly started “rolling raids” on residences. Then, according to 47News, the police officers “divided into dozens of groups, after which each senior member of the group received a sealed package with a search warrant enclosed.”
No Legal Status
Although cryptocurrency exchanges are illegal in Russia, the government believes that many of these businesses are assisting Russians in smuggling money out of the nation.
They believe that businesses are using cryptocurrency as a means of remittance for illicit international currency transfers.
According to the media, the masterminds of the exchanges are facing charges related to illegal banking, organized crime, and the circulation of payment instruments.
According to reports, security personnel are looking into a residential home in Saint Petersburg’s Primorsky District’s Lisiy Nos village.
Russian natural gas output rises almost 9% during the first nine months of this year, putting it on track to meet a government target but still far short of levels before the invasion of Ukraine https://t.co/s4Gl3weeCI— Bloomberg Markets (@markets) October 2, 2024
The Ministry of Internal Affairs seems to think that the “organizer” of a “crypto-for-cash” scheme resides here.
Moscow ministry officials raided a travel agency in late September on suspicion of serving as a front for a $2.2 million cross-border cryptocurrency exchange.
Two Russian Nationals Charged in Connection with Operating Billion Dollar Money Laundering Services
— Criminal Division (@DOJCrimDiv) September 26, 2024
Justice Department Seizes Web Domains for Multiple Illicit Crypto Exchanges
🔗: https://t.co/GgBIR6Jeo1 pic.twitter.com/SRqOlejCs4
In the United States, Justice Department officials seized control of suspected crypto exchange domains. They also arrested two Russian nationals, charging them with money laundering-related offenses.