From Cointelegraph

April 25, 2025 09:10 AM:

Russian government is considering a ban on cash-to-cryptocurrency transactions, leading to police raids on major local crypto exchange platforms. Mosca, a crypto-to-cash exchange, was raided in connection with fraud, following reports of arrests in an alleged crypto robbery. The ban proposal aims to protect investors from fraudsters using crypto exchanges for cash withdrawals.

Olga Serova, a former government adviser, reportedly lost up to $5 million to crypto fraudsters. Subsequently, a local news channel reported on Mosca’s raid, linking it to a “record-breaking fraud” against Serova. At least seven people were arrested in connection with the case, which involved a cash deposit of millions of dollars to scammers.

Mosca clients can buy up to 100,000 USDT with cash daily, with the exchange implementing stricter Anti-Money Laundering and Know Your Customer checks. The raid, coinciding with a major local event, Blockchain Life, raised concerns among the Russian crypto community. Proposed ban on cash-to-crypto transactions could hinder crypto adoption in Russia.

Sergey Mendeleev, a prominent figure in the Russian crypto community, expressed alarm at the proposal to ban cash-to-crypto transactions. He highlighted the potential impact on crypto adoption in Russia and noted that police raids on crypto exchange services are common in Moscow City. Garantex, another exchange in Moscow City, recently halted trading due to USDT sanctions.

Read more at Cointelegraph: Russian crypto exchanger Mosca raided amid cash-to-crypto ban talks