Two Moscow-based exchanges, Smart Group and TGR Group, were at the center of the network. These platforms converted illegal cash into digital assets, fueling crimes like drug trafficking and sanction evasion. Authorities revealed state operations also used these exchanges to bypass restrictions.
Key figures include Ekaterina Zhdanova of Smart Group, arrested in France, and George Rossi of TGR Group, who remains at large. Both have been sanctioned by the US Treasury for their roles in money laundering and aiding sanctioned entities.
The investigation also uncovered a cash courier network linked to Semen Kuksov and Andrii Dzektsa. They laundered £12 million ($15.26 million) in the UK within a few months and operated across Europe. Both received prison sentences of over five years.
This crackdown has strained Russian-speaking laundering groups in London, who reportedly charge higher fees due to increasing risks.
In a related case, the US charged Russian nationals in September for laundering $1 billion via illegal crypto platforms. The Financial Action Task Force has called for stricter regulations on virtual assets to combat such crimes.
The success of this operation underscores the growing collaboration among global authorities against crypto-related financial crimes.
