Cryptocurrency exchange EXMO has announced that it is withdrawing from the Russian market as a result of Russia’s invasion of Ukraine.
Founded in 2014, London-based EXMO made the following statement in a blog post it published today:
“After careful consideration of the structure of our company; We felt that serving customers in Russia and Belarus would prevent us from performing well as a company. So, in these conditions of so much uncertainty, we must prioritize adapting to a more robust strategy.”
After this decision, the company transferred all its crypto money activities in Russia to another organization. Although it is stated that the company that took over the activities of EXMO is a software company based in Russia, the name of the company was not disclosed.
Since this company has a leg in Kazakhstan, the restriction decision taken by EXMO for its customers will also include customers in Kazakhstan. EXMO will therefore no longer provide services to citizens residing in Russia, Belarus or Kazakhstan.
The company also stated that the pairs opened for the Russian ruble on the platform were closed as of April 15.
In addition to these, one of the founders of EXMO, Russian citizen Edward Bark is also leaving the company and giving his share in the company to EXMO’s current CEO Serhii Zhdanov.