- 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 illegal entities, including financial pyramid schemes, were identified to leverage crypto in 2025. However, the Central Bank of Russia stated that the number of illegal entities declined by 21.5% from the prior year.
Out of the total identified illegal entities, the bank stated that 3,562 were financial pyramid schemes. Although the identified financial pyramid schemes declined by 35% year-over-year, the bank stated that they accounted for more than half of all the identified schemes.
The report highlighted that nearly 1,500 illegal projects in 2025 offered pseudo-investments through crypto assets. Interestingly, the bank stated that 84% of the identified Ponzi schemes accepted crypto assets as a form of payment, which is an increase from 77% reported in the prior year.
As such, the Central Bank of Russia identified more than 4,600 crypto wallets that were directly used by the Ponzi schemes. The bank attributed the intense use of artificial intelligence by 79 Ponzi schemes to lure young investors in 2025.
The organizers of the illegal financial projects used more than 7,000 websites, 350 Telegram channels, and over 180 social media pages.
“Access to more than 21,500 online resources belonging to illegal financial market participants and entities with characteristics of pyramid schemes has been restricted. This is almost 1.3 times more than in 2024,” the report stated.
What’s the Bigger Picture?
The rising use of crypto assets in illegal activities in Russia has coincided with its mainstream demand. According to a 2025 Chainalysis report on global crypto adoption, Russia held the 10th position globally.
Since 2024, Russia has been conducting an experimental legal regime to allow cross-border crypto transactions. This controlled regulatory sandbox, under the Central Bank of Russia, has in the past allowed highly-qualified investors, with the general public in the pipeline.
The use of crypto assets in Russia to enable cross-border transactions has gained traction, especially due to the ongoing sanctions related to the war with Ukraine.
Related: Russia Brings Crypto Under Criminal Code With New Seizure Law
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Source: https://coinedition.com/russia-flags-crypto-as-key-tool-in-illegal-financial-schemes/
