- Статьи
- Society
- Substitution point: what is the reason for blocking the main crypto cashing hub in the Russian Federation?
Substitution point: what is the reason for blocking the main crypto cashing hub in the Russian Federation?
The closure of the largest crypto exchanges in Moscow City on September 30 is attributed to the fact that visits by law enforcement officers and the seizure of large sums from some companies alerted the rest of the participants in this business. At first, this made it difficult to cash out cryptocurrencies, but by the afternoon, some large points began to reopen, Izvestia found out. The raids may force a number of exchangers to move to other locations, experts believe. Why their activities raise questions among law enforcement officers and what will happen to the main cryptocurrency cashing hub in Russia is described in the Izvestia article.
Why did they close the crypto exchanges in Moscow City
In the capital's Moscow City, the most famous cryptocurrency exchangers have closed. This information was confirmed to Izvestia by experts in the field of mining and support for large sites located in the business center.
On September 30, the most famous points, Rapira and Mosca, were closed, two sources told the editorial staff. The owners of the remaining sites have disabled replenishment and disbursement in order to avoid being checked.
— For three weeks there were inspections and seizures from individual operators. Rapira and Mosca are featured. Cash and equipment were seized. The rest chose to switch off so as not to fall under the same procedures. The direct link is obvious," said Vladimir Chernov, analyst at Freedom Finance Global.
As the third source noted, it is reliably known that law enforcement officers entered large exchangers. But by 14:00, the key sites were operating normally, he said.
— Indeed, the largest crypto exchanges that have become involved in the news have suspended their work. At the same time, it is impossible to collect data about each exchanger in the center, since there are a lot of them. These sites are used to visits from security forces. They were quite routine for them, coming and going. But now it took some time to realize that this is not something ordinary," said Alexey Korolenko, Executive Director of Cifra Markets.
A fourth Izvestia source pointed out that couriers were also "caught" at the business center, checking the number of cards they had, and if they realized that the cards were drop cards issued to different people, they were seized. Other sources also confirmed the work of law enforcement officers to search for crypto exchanges and dropers on the territory of Moscow City.
The Izvestia correspondent, introducing himself as a client, contacted the support of major points in Moskvea City - Rapira, Insight and Mosca. Insight replied that their cash desks were unavailable for technical reasons. Later, by 17:00, they reported that they had returned to work normally.
Rapira support indicated that the office in the Federation Vostok tower had suspended operations due to unscheduled work. Mosca did not respond, although at 11 a.m. another user, who had repeatedly contacted them to exchange cryptocurrencies, was informed that they were working normally.
How exchangers are used illegally
Law enforcement agencies have repeatedly received information that cryptocurrency exchangers are operating in Moscow City, another source told Izvestia. According to him, they were used to cash out funds received, including from illegal operations. For example, we are talking about online casinos, payment for various services, including those related to the darknet, and various trade in prohibited substances.
"The information was that money laundering and money laundering were taking place through these crypto exchanges," he said. — A number of special operational and technical measures were organized, as a result of which participants in this market, including representatives of Rapira and Mosca companies, were detained red-handed.
There was information specifically about them that they were also involved in illegal activities. However, at the time of the visit of law enforcement agencies, the cash desks of these companies were empty, the source added.
Legislators are fighting cybercrime purposefully, said Denis Khuziakhmetov, head of the Belaya Sova Law College. Since July 2025, amendments to Article 187 of the Criminal Code of the Russian Federation have entered into force, which radically change the situation in the shadow market for cashing out money. Law enforcement officers receive a long—awaited tool that allows them to reach not only scammers who steal funds, but also their numerous accomplices - the so-called drops and crypto exchanges.
— It is not surprising that all the points in Moscow City were closed after security raids with the seizure of large sums of money from them, which alerted this shadow market, — he said. — It is the crypto exchanges that become the "buffer" between the victim and the criminal. They withdraw funds, sometimes acquired by criminal means, and cash out cryptocurrencies withdrawn from other people's wallets. So far, they have remained in the shadows, there is a market, but it doesn't seem to be there. The new law destroys this illusion.
Now the crypto exchange is "a stall without a signboard: outside is the most profitable course, and inside is a gas station for the gray economy," said Alexey Mokrov, founder of Cryptobotrollc.
"The gray area is based on three pillars, namely anonymous P2P (transfers from client to client), "courier" cashiers and Telegram bots without KYC/AML (know your customer and anti—money laundering legislation), in fact, an unlicensed bank with a cash register in the phone," he explained. — There are a number of schemes, for example, when victims of a phone scam drive money into stablecoins (their exchange rate is pegged in the value of a certain asset, for example, a dollar), crush them through dozens of mules and take cash out of the shopping center in the evening.
"The raids intensified because the turnover through USDT (a stablecoin pegged to the dollar) became oxygen for call centers and cashouts, citizen complaints soared, and banks, at risk of sanctions for weak AML, began to crush the entire ecosystem,— concluded Alexey Mokrov.
What is happening should also be considered in the context of the discussed tightening of legislation, said Irina Kuyantseva, advisor to the practice of corporate law and M&A. A bill is currently being considered that provides for the introduction of serious liability from 2026 for "illegal organization of digital currency turnover" — fines of up to 2 million rubles with confiscation of equipment, she explained.
It is possible that in the future there will be other participants who are ready to work in the legal field, said Andrei Loboda, an economist and top manager in the field of financial communications.
What will happen to the cryptocurrency exchange in Russia
Today, operations with cryptocurrencies are semi-legal in the country, said independent expert Andrei Barkhota. This market has become, in fact, one of the most effective channels for withdrawing money abroad under the guise of investments, he added. Exchangers are also often used to withdraw cash for businesses and individuals, cash out USDT, cross-border settlements under sanctions, payment for supplies and services abroad, personal transfers and travel, Vladimir Chernov added.
Moscow City is a key hub through which the lion's share of the entire gray turnover of cryptocurrencies passes, emphasized Alexey Korolenko from Cifra Markets. There are many alternatives in this area in the form of Telegram channel chats, aggregators, and P2P exchanges, but this whole story is as risky as exchangers, he warned.
— Moscow City has become the center not only of the business environment, but also of the illegal financial circuit. Law enforcement officers hope to stop the outflow of private and ill—gotten capital abroad through the closure of exchange offices and to reach out to participants in money laundering," Andrei Barkhota said.
The long—term consequences of the closure of exchangers are the transformation of the cryptocurrency market towards legal platforms that will be regulated not only by the Ministry of Finance, but also by the Bank of Russia, Andrei Barkhota believes. In addition, according to Vladimir Chernov, part of the demand will switch to online services and regional outlets. The risks for customers will increase, and so will the cost of I/O. However, judging by the responses from crypto exchanges, many large companies have already started to reopen.
Today, Moscow City has about 20-30 permanent cryptocurrency exchange offices and several more seasonal ones. It is difficult to say more precisely because of the closed format and subletting, Vladimir Chernov pointed out. Temporarily, they may partially move to other locations. The formats will go to apartments around, to other business centers, to P2P and courier models.
Переведено сервисом «Яндекс Переводчик»
