ARussian authorities have shut down nine unregistered cryptocurrency exchanges in Moscow following allegations that the platforms were used to launder proceeds from fraud, marking another major enforcement action as the country moves toward a more formal regulatory framework for digital-asset activity

The Federal Security Service said more than 20 people were detained during coordinated raids at Moscow City, the Moscow International Business Center. Authorities allege that the exchanges were used to convert money obtained from Russian victims of telephone scams into cryptocurrency before transferring the funds to accounts associated with operators based in Ukraine

The operation was carried out in cooperation…