Russian authorities have cracked down on nine unregistered crypto exchanges in Moscow. These operations are suspected of helping move illegally obtained funds abroad.

All about FSB’s latest raid

Russia’s Federal Security Service or the FSB’s operation was part of an investigation into an alleged money laundering network linked to scam operations.

The raids took place at the Moscow International Business Center, where authorities detained more than 20 employees. According to the FSB, the exchanges were allegedly used to convert money stolen from Russian phone scam victims into cryptocurrencies. Funds were then transferred to accounts connected to handlers in Ukraine.

The operation was carried out jointly by the FSB and…