Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • SUBMIT
Crypto Flexs
Home»BITCOIN NEWS»Russia’s Central Bank identifies cryptocurrency links in “almost all” financial frauds detected in 2023
BITCOIN NEWS

Russia’s Central Bank identifies cryptocurrency links in “almost all” financial frauds detected in 2023

By Crypto FlexsFebruary 13, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Russia’s Central Bank identifies cryptocurrency links in “almost all” financial frauds detected in 2023
Share
Facebook Twitter LinkedIn Pinterest Email

The Bank of Russia said in its latest report that financial fraud involving cryptocurrency-related elements will increase in 2023. illegal activityIncluding financial pyramids, the number of confirmed cases increased by 15.5% compared to the previous year, reaching 5,735.

Online fraud surges as cryptocurrency takes center stage

that much report This highlights the growing trend of illegal participants in the financial market using cryptocurrency. By 2022, every second similar investment project involved a cryptocurrency, and by 2023, almost every financial pyramid and illegal broker offered investments in domestic tokens or accepted donations in cryptocurrencies, the bank claims.

According to the report, these fraud It is mainly operated as a ‘small-scale quasi-investment project’ created and carried out online. Reach is expanded through social networks and messaging app Telegram, and organizers actively engage “popular lifestyle bloggers” for advertising purposes.

Moreover, cross-border payment services and cryptocurrencies have emerged as the most popular ways to transfer funds to these pyramids.

The report found that more than 45% of the identified frauds encouraged investors to use foreign payment service systems. At the same time, around 1,500 fraudulent projects were accepting cryptocurrency donations, allowing organizers and beneficiaries to keep their funds. anonymous.

To address the continued presence of these illicit activities, the Bank of Russia has taken steps to restrict access to domains and subdomains used by entities involved in illicit financial activities.

According to central bank of russia, scammers often create duplicate resources after the main site is blocked. By 2023, more than 1,500 financial pyramids had their domains and subdomains blocked using this mechanism.

Additionally, nearly 44% of illegal lenders advertised their services solely online, utilizing social media pages, groups, and popular advertising platforms without a physical office.

crackdown on illegal financial activities

Russian banks have also observed a decline in organizations providing loans secured by real estate, which indicates a downward trend in this sector. The regulator also identified 820 illegal forex dealers and 42 illegal brokers and managers.

Many of these companies are known to lure customers by creating the illusion that they are bidding on foreign forex sites. Manipulated ratings that mix legitimate participants with illegal organizations further mislead consumers. In 2023, the Bank of Russia identified 48 such locations.

Responding to the activities of illegal organizations, financial pyramidThe Bank of Russia has recommended that credit institutions apply anti-money laundering (AML) legislation against entities registered as engaging in illegal activities in financial markets.

The measures aim to shorten the life of financial pyramids, disrupt the financing of illicit financial service providers and minimize the harm caused to citizens by such schemes.

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

As of 2023, more than 125 criminal cases, more than 620 administrative cases have been filed and more than 1,300 other response measures have been implemented due to the actions of Russian banks.

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

The daily chart shows the overall cryptocurrency market cap surging past $1.8 trillion. Source: TOTAL on TradingView.com

Featured image from Shutterstock, chart from TradingView.com

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

US Bitcoin reports holdings of 3,865 BTC after recent acquisition

October 27, 2025

Bitcoin Futures Traders Return to Pumping BTC: Will It Last?

October 21, 2025

ZBCN is tradable!

October 15, 2025
Add A Comment

Comments are closed.

Recent Posts

Injective (INJ) Completes First Community Buyback Worth $32 Million

October 29, 2025

Whale.io Confirms First Airdrop For Crock Dentist NFT Holders

October 29, 2025

BTC And XRP Prices Fluctuate Dramatically. WOAHash Helps Holders Earn $9,900 In Daily Returns.

October 29, 2025

Acre Launches V2 Platform, Enabling Bitcoin Holders To Earn 14% APY (est.) From Self-Custody

October 29, 2025

BitcoinOS $BOS Token Is Live On Binance Alpha And Top Tier CEX Listings, Advancing Institutional BTCFi

October 29, 2025

MEXC Maintains Strong Financial Stability With Over 100% Proof Of Reserve Across Major Assets

October 29, 2025

Australia provides clarity on cryptocurrency regulation with new guidelines

October 29, 2025

Stake USDT To Earn BTC With Up To 600% APR

October 28, 2025

Coinbase Acquires Echo, Leading On-Chain Capital Raising Platform in $375 Million Deal

October 28, 2025

US Bitcoin reports holdings of 3,865 BTC after recent acquisition

October 27, 2025

Swiss Bitcoin App Relai Acquires MiCA License In France

October 27, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Injective (INJ) Completes First Community Buyback Worth $32 Million

October 29, 2025

Whale.io Confirms First Airdrop For Crock Dentist NFT Holders

October 29, 2025

BTC And XRP Prices Fluctuate Dramatically. WOAHash Helps Holders Earn $9,900 In Daily Returns.

October 29, 2025
Most Popular

Michael Saylor’s Trump Meeting Is Turbo Bullish for Bitcoin

January 6, 2025

AI How to: Fine-Tune Your Chatbot Privacy Settings

May 12, 2024

NEAR turns bearish, volume down 30% – is a decline still possible?

June 27, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.