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Bank of Russia found more than 5,700 pyramid schemes in 2023

The regulator pointed out that almost all pyramid schemes and illegal brokers offered investments in internal tokens or accepted cryptocurrency contributions

MOSCOW, February 9. /TASS/. The Bank of Russia found more than 5,700 pyramid schemes and illegal financial service providers in 2023, the regulator said.

"In 2023, the regulator detected 15.5% more pyramid schemes and illegal providers than a year earlier. Compared to 2022, 46% more pyramid schemes were found, and 9% more illegal lenders. The pool of illegal securities market players declined by almost 30% at the same time," the Central Bank said.

Almost all pyramid schemes and illegal brokers offered investments in internal tokens or accepted cryptocurrency contributions, the Bank of Russia noted.