Mosca Crypto Exchange Raided Amidst Fraud Allegations

Russian authorities conducted a raid on Mosca, a prominent crypto-to-cash exchange located in the Moscow International Business Center, on April 23. The raid was in response to fraud allegations involving one of Mosca's customers, Dmitry Titarenko, the development head of Mosca, confirmed to Cointelegraph. Titarenko stated that law enforcement agencies were conducting a routine check of customer data, a standard procedure in such cases.

The raid on Mosca's office followed reports of several arrests linked to an alleged crypto robbery. The victim reportedly transferred a substantial cash deposit worth millions of dollars to fraudsters. This incident occurred amidst discussions within the Russian government about banning cash-to-cryptocurrency transactions. Evgeny Masharov, a member of the Russian Civic Chamber, proposed this ban to curb fraudulent activities, noting that phone scammers often use crypto exchangers to withdraw cash funds.

Local news reports linked the raid to a significant fraud case involving Olga Serova, a former government adviser in Russia's Samara region. Serova, 71, reportedly lost approximately 421 million Russian rubles ($5.1 million) to scammers in late 2024. At least seven individuals were arrested in connection with this case. Mosca, which allows investors to deposit up to 100,000 USDT ($100,000) daily, was not certain if Serova's incident was related to the raid. Titarenko mentioned that this was the first criminal case-related raid at Mosca in the past three months and that the company has been enhancing its Anti-Money Laundering and Know Your Customer checks, including maintaining a blacklist of suspicious users.

The raid occurred during the Blockchain Life conference, which returned to Moscow for the first time since October 2021. Mosca was a main guest at the conference, taking two center stands and winning the title of the "best crypto exchange service." The proposal to ban cash-to-crypto transactions has raised concerns within the Russian crypto community. Sergey Mendeleev, a prominent figure in the community, suggested that such a ban could indicate a shift away from crypto adoption by the Russian government. Mendeleev also noted that raids are a common occurrence for crypto exchange services located in the Moscow International Business Center, also known as Moscow City. Garantex, another crypto exchange that halted trading after Tether froze $27 million in USDT due to sanctions, was also located in Moscow City.