Exmo, a cryptocurrency exchange based in London, has formally discontinued operations in Russia and Belarus because of Russia’s invasion of Ukraine.
Exmo will sell its digital asset business
Exmo announced on April 18 that it is selling its digital asset business in Russia and Belarus to a Russian software development company. The details of the new owner and the invested amount of the deal were not disclosed.
Exmo CEO Serhii Zhdanov said:
“Unfortunately, we can’t hold the high-risk component of the company any longer, since a worldwide organisation does not want to jeopardise its global development goals by having such high-risk markets in its structure.”
According to Zhdanov, the acquisition includes Exmo’s customer accounts in Russia and Belarus, as well as local fiat onramp systems. The platform’s technical code is not for sale and is entirely owned by the Exmo group.
As part of the agreement, Exmo’s ultimate beneficial owner, Eduard Bark, will leave the company and transfer his stake to Zhdanov.
Apart from Russia and Belarus, the acquisition includes Exmo’s operations in Kazakhstan, where the new owner’s team is working. According to the CEO, the anonymous buyer controls both a Russian software development company and a Kazakhstan-based legal organisation for a cryptocurrency exchange.
