Ukraine’s Security Service busts illegal Crypto Exchange Network

Ukraine’s Security Service (SBU) has clamped down on a network of illegal crypto exchanges based in Kyiv.

According to a report, on SBU’s official website, the notorious crypto exchange network offered anonymity of transactions, making them a money laundering avenue for criminals.

The SBU in its report claims that the crypto exchanges had a monthly turnover of $1.1 million (30M Ukrainian hryvnia) and received between 5-10% of every transaction as service charge.

A portion of the funds received through the network was used to finance provocations on Ukraine’s independence day.


The Security Service says clients of the exchanges received monies from Russian payment platforms which are prohibited in Ukraine includig  Qiwi, WebMoney and Yandex.

These funds were reportedly used to pay for the services of provocateurs and organize protests on the eve of the country’s independence day.

SBU recovered several devices including computer and server machines with indicting evidence and says the gang has been patronized by over 1000 clients since it began operation at the start of the year.

Investigations are currently underway to prosecute those involved in the scheme.

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