Police in Moscow, Russia, have reportedly shut down a cross-border crypto exchange suspected of helping clients transfer money abroad.
Authorities claim the operators disguised the exchange as a travel agency but were actually running a covert crypto operation.
According to officials, the exchange processed approximately $2.2 million in cryptocurrency transactions, charging clients a 1% commission fee for sending funds to overseas crypto wallets.
The Russian Interior Ministry stated that the suspects engaged in illegal banking activities.
During a raid on the exchange’s offices, police seized bundles of U.S. dollars, receipts, computer equipment, and communication devices.
Further searches of offices and private residences yielded more cash, documents, and other evidence.
The ministry posted a video of the raid on Telegram, where it also announced that a key suspect had been charged and is awaiting a prosecution investigation.
Police are still working to identify additional accomplices.
The exchange allegedly facilitated the withdrawal of funds from abroad using cryptocurrency, effectively acting as a remittance service.
Earlier reports suggested Russians were using crypto exchanges in Moscow to send stablecoins, such as Tether (USDT), to recipients in the UK.
