Raid on Moscow City crypto exchanges ends with arrest of UPAY owner Belousov

Russian security forces raided crypto exchange desks in Moscow City, detained more than 15 employees, and arrested the owner of one of the platforms, Belousov. The case matters for high-risk payment operators because it shows how quickly crypto cash-out infrastructure can move from gray-zone business to a criminal procedure.

1. According to the source, the raid involved the FSB and спецназ, which visited UPAY and Abcex. More than 15 employees were detained and taken to the Investigative Committee of Russia (СКР) for overnight questioning.
2. By morning, many of those detained had been released, but two people remained in the isolation facility. The authorities also confiscated a large sum of money, but its size has not been disclosed.
3. The source says the arrest concerns Belousov, the owner of one of the exchange venues, and ties the case to Sergey Mendeleev, whom Mendeleev called his “teacher” and an “old-timer in crypto.” Mendeleev is identified in the text as the creator of Garantex and Abcex.
4. Mendeleev said the court had just arrested his friend and “Teacher,” adding that he had once wanted to prove that crypto in Russia could be traded openly, without hiding behind nicknames in closed chats. He concluded: “Today that time is over. Shut down.”

For PSPs and cash-out operators, the practical point is simple: when crypto exchange desks become a target, the risk is not limited to one venue. Staff detentions, account freezes, and asset seizures can hit the whole on-the-ground liquidity chain in one sweep.