Russian law enforcement raided cryptocurrency exchange offices inside Moscow’s Federation Vostok tower on July 31 as part of a 144 million ruble, roughly $2 million, embezzlement case. Dozens of individuals were detained, with eight placed under pre-trial detention. The victim, identified as Vladimir R., was reportedly conned by individuals posing as agents of Russia’s FSB who convinced him to transfer funds through one of the crypto platforms in the tower. A new law passed by the State Duma in July 2026 will require cryptocurrency exchanges to formally register with Russian authorities starting in 2027.
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