popular in Russia and Eastern Europe. cryptocurrency London-based EXMO, the stock exchange, announced that it will completely end its ties with Russia.
“We think that being associated with Russia will harm us”
It has been learned that the crypto exchange took this step to avoid a partnership that could damage their brand after the Russian invasion of Ukraine. The stock market said in its statement today:
“After careful consideration and evaluation of the company’s structure, we have decided that serving the citizens of Russia and Belarus will hinder us from increasing our strength and delivering a better performance.
In the last situation, which seems extremely uncertain, we must prioritize our compliance by implementing a more stringent strategy.”
However, in the continuation of the company’s announcement, bitcoin and cryptocurrency exchange EXMO has decided to sell its digital assets business in Russia and Belarus.
Cryptocurrency Exchange Will Not Serve in Kazakhstan
Since the person who bought the business is located in Kazakhstan, no service will be provided in this country either. Details of the agreement are not yet clear, as EXMO does not operate as a separate entity within Russia. Maria Stankevich, EXMO’s chief business development officer, said that under the deal, approximately one million users, software, intellectual property will be sold.
Kazakhstan-based EXMO RBK LTD. It was learned that the company will continue to serve customers in Russia, Belarus and Kazakhstan. The company will continue to serve with the same interface on the EXMO.me domain website.
According to the company statement, the buyer, which EXMO has not disclosed, is a software development company based in Russia and has been providing engineering services to EXMO for the past three years.
*Not investment advice.