Russia Targets Unlicensed Crypto Exchanges in Crackdown Linked to Ukraine

Russian law enforcement has launched a crackdown on unlicensed cryptocurrency exchanges, arresting at least 20 individuals.

The Federal Security Service (FSB) stated that the arrests are connected to an alleged criminal ring that targeted and scammed an undetermined number of Russian citizens. According to authorities, the targeted digital asset platforms operated without the necessary licenses and are claimed to have links to Ukraine.

Investigations into the network are ongoing, and the total financial damages resulting from the alleged scams have not yet been publicly quantified by officials.