Russian Central Bank Identifies Crypto Link In “Almost All” Financial Scams Detected In 2023 |

The Bank of Russia, in its latest report, revealed a concerning rise in financial scams with crypto-related elements in 2023. The number of entities involved in


Crackdown On Illegal Financial Activities

The Bank of Russia also observed a decline in organizations providing property-secured loans, indicating a downward trend in this sector. Furthermore, the regulator identified 820 illegal forex dealers and 42 illegal brokers and managers. 

How To Get Free Crypto  

It is alleged that many of these companies attract customers by offering the illusion of bidding on foreign forex sites. Fabricated ratings, where legal participants are mixed with illegal entities, further mislead consumers. In 2023, the Bank of Russia identified 48 such sites.

To counter the activities of illegal organizations and financial pyramids, the Bank of Russia has recommended that credit institutions apply anti-money laundering (AML) legislation to entities listed as engaging in illegal activities in the financial market. 

These measures aim to reduce the lifespan of financial pyramids, impede fundraising by illegal financial service providers, and minimize the harm caused to citizens by such schemes. 

To enforce its efforts, the central bank shares information about identified illegal participants and financial pyramids with law enforcement agencies, the Federal Antimonopoly Service of Russia (FAS Russia), and the Federal Service for Supervision of Communications, Information Technology, and Mass Media (Roskomnadzor). 

Coinbase Banner  

As of 2023, the Bank of Russia’s actions have opened more than 125 criminal cases and over 620 administrative cases and implemented over 1,300 other response measures. 

Additionally, access to more than 11,200 online resources belonging to illegal participants and financial pyramids has been restricted.

The daily chart shows the total crypto market cap’s surge above $1.8 trillion. Source: TOTAL on

Featured image from Shutterstock, chart from 

Go to Source
Author: Ronaldo Marquez

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.