Mosca, a cryptocurrency exchange in Moscow that enabled cash payments of up to 100,000 USDT on a daily basis, was recently raided by the police. This came at the same time as the Russian government was contemplating the banning of cash-to-cryptocurrency conversions. While Mosca stated that they could neither confirm nor deny a link to a reported $6 million fraud, it highlights a shift in focus on the local crypto platforms, which are now under more scrutiny due to evolving considerations from the authorities. It is claimed that some other major local exchanges are situated around business districts and have also undergone similar police inspections.
Raid Details and Fraud Connection
The raid concerning the Mosca crypto-to-cash exchange, which includes several establishments within the Moscow International Business Center, occurred on April 23. Mosca’s development head, Dmitry Titarenko, confirmed to Cointelegraph that the raid “was related to alleged fraud one of their clients had committed.” During Blockchain Forum 2025, Titarenko described the incident as “a standard procedure of checking our customer data. ” The raid came after several online accounts began attributing the arrests of some Mosca customers to a crypto heist where one victim claimed to have handed over a cash deposit worth millions to fraudsters.
Proposed Cash-to-Crypto Restrictions
To add context to the police raid, Masharov did mention, a day before the police action, that Evgeny Masharov of the Russian Civic Chamber proposed a complete ban on cash being used to purchase cryptocurrencies like Tether USDt. Masharov argued that a ban would be a “massive blow to fraudsters,” citing that phone scammers “are often using crypto exchangers for withdrawing cash funds.”
Connecting to a Noteworthy Fraud Case
As part of the “record-breaking fraud case” against Olga Serova, former government adviser, local news channel Baza highlighted the Mosca raid. Serova reportedly was a victim in late 2024, cashing out accounts for a value of 421 million rubles ($5.1 million). Baza detailed at least seven arrests purportedly associated with this case. Titarenko told Mosca he does not know if Serova’s case is linked with the raid and suggested, “Maybe it was another client.” He maintained this raid was the first office raid in three months that was connected to a criminal case.
Corporate Action Taken
Dmitry Titarenko, the spokesperson for Mosca, indicated the company is strenuously working to amplify risk control systems, especially in the Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures. These efforts reportedly include the creation of a blacklist of suspicious users, which constitutes advancing the verification mechanisms aimed at compliance with the regulations for prevention of criminal activities.
Raid’s Event Backdrop
Mosca’s participation in Blockchain Life set the stage for the raid’s timing during his attendance at the event. It was notable that this was Mosca’s first return to Moscow after October 2021. He was a main guest and was even awarded the “best crypto exchange service,” thus reclaiming the event’s two central stands, which made the timing excruciatingly noticeable.
Industry Response and Spatial Context
Russian crypto enthusiasts remember Sergey Mendeleev as an outspoken orator who had politically engaged himself with the most important challenges for the industry. Mendeleev characterized the proposed ban as a great danger. He noted approval by the government would represent a departure from attempts to adopt crypto. Also, he remarked that raids are familiar for the international business center borderline where Garantex operates. He is located there where Garantex used to be. After Tether froze twenty-seven million dollars in USDT due to sanctions, Garantex just stopped trading.
