Russian authorities have arrested more than 20 people in a major operation targeting unauthorized cryptocurrency exchange offices in Moscow, alleging that the businesses were used to process money obtained through telephone fraud before converting the funds into digital assets and transferring them outside the country

The Federal Security Service, working with Russia’s Interior Ministry, raided nine unauthorized exchange operations in Moscow City, the capital’s major financial district. Authorities said the offices were allegedly connected to fraud schemes operated through call centers based in Ukraine and were used to receive and convert cash collected from victims

The investigation also targeted…