Russian Crypto Exchange Mosca Raided as Government Weighs Cash-to-Crypto Ban

Police raided the Moscow office of crypto exchange Mosca yesterday, as authorities investigate fraud involving one of its clients. The move comes amid growing pressure on cash-to-crypto businesses in Russia.

Mosca’s head of development, Dmitry Titarenko, confirmed the raid, describing it as a “standard procedure” tied to customer data checks.

The raid followed online reports linking several arrests to a major crypto-related scam in which a victim handed over millions of dollars in cash to fraudsters. Russian news outlet Baza identified the victim as Olga Serova, a former adviser to the Samara regional government. She reportedly lost 421 million rubles (around $5.1 million) in the scheme. Seven people have been detained in connection with the case.

Titarenko said Mosca was not yet certain if the raid was directly tied to that incident, noting it was the first law enforcement visit related to a criminal case in the past three months. The firm allows daily cash purchases of up to 100,000 USDT and claims to have tightened anti-money laundering protocols, including maintaining a blacklist of high-risk users.

The raid came just one day after Evgeny Masharov, a member of the Russian Civic Chamber, proposed a ban on crypto exchangers accepting cash. He said such a move would deal a “massive blow to fraudsters,” who often rely on these services to withdraw illicit funds.

Critics in the crypto community argue the ban could stifle legitimate use. Sergey Mendeleev, a known figure in Russia’s crypto space, warned at the conference that the policy shift suggests the government may be retreating from digital asset adoption.

The crackdown comes as Russia’s Finance Ministry and Central Bank prepare to launch a separate state-sanctioned crypto exchange under a limited legal regime for qualified investors.

Crypto businesses in the Moscow International Business Center—often called “Moscow City”— faced growing scrutiny. Garantex, another exchange based in the area, halted trading after Tether froze $27 million in USDT tied to sanctions.