The Federal Security Service (FSB) of Russia has shut down nine unregistered cryptocurrency exchanges in Moscow over alleged money laundering linked to fraud proceeds, the agency said.

More than 20 employees were detained during raids at the Moscow International Business Center, known as Moscow City. The FSB said the exchanges converted money stolen from Russian victims of telephone scams into cryptocurrency and transferred the funds to accounts linked to Ukraine-based operators.

The operation, conducted with Russia’s Interior Ministry, also targeted couriers who authorities said collected cash from victims and delivered it to the exchanges for conversion into crypto.

Russia’s Interior Ministry has opened…