Russia Flags Crypto as Key Tool in Illegal Financial Schemes

• Russia’s Central Bank identifies crypto as a major enabler for 7,087 illegal entities in 2025.
• The bank has identified more than 4,600 crypto wallets and 21K web pages linked to scams.
• The gradual legalization of crypto has pushed the country to the 10th place in crypto adoption.

The Central Bank of Russia has identified cryptocurrencies as a key tool for illegal financial activities. Specifically, the bank revealed that most illegal projects operating through social media used cryptocurrencies to raise funds.

“Most illegal projects, other than illegal lenders, had no offices and interacted with potential clients through social media, instant messaging, or by phone, and most often used cryptocurrency to raise funds,” the bank stated. 

Bank of Russia Identifies 7,087 Illegal Entities Using Crypto

According to the bank’s recent report, a total of 7,087 …

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