Technology

Crypto firm Exmo exits Russia and Belarus by selling part of its business

London-based cryptocurrency exchange Exmo is the latest crypto trading platform to formally suspend its business in Russia and Belarus due to Russia’s invasion of Ukraine. Exmo is selling its digital asset business in Russia and Belarus to a Russia-based software development company, which Exmo officially announced on Monday. At the time of writing, the new owner and the size of the deal are not disclosed. “Unfortunately, we can’t anymore hold the high-risk part of the business, since a global group does not want to put the global expansion plans at any risk by keeping such high-risk markets in its structure,” Exmo CEO Serhii Zhdanov told Cointelegraph. The deal includes Exmo’s client accounts in Russia and Belarus as well as local fiat onramp systems, Zhdanov said. The technical code of the platform is not sold and is owned entirely by the Exmo group. As part of the deal, Exmo’s ultimate beneficial owner Eduard Bark is also leaving the company, transferring his stake to Zhdanov.

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