EXMO.com Stops Serving Russian, Belarusian and Kazakh Clients

The crypto trading services provider, EXMO.com confirmed today that it has left Russia and Belarus. The company has decided to sell its crypto business in Russia and Belarus. The crypto firm noted that serving Russian and Belarusian clients will prevent EXMO.com from ‘maximizing its strengths’.

Russian, Belarusian and Kazakh clients will not be able to form business relations with EXMO.com. The company has amended its user agreement accordingly. On the platform, Russian Roubles pairs have been disabled since 15 April 2022.

In addition to the departure from the Russian and Belarusian market, EXMO.com noted that its Russian UBO, Eduard Bark, is leaving the company and transferring his stake as a part of a response to one of its directors, Serhii Zhdanov.

“It’s been a tough decision for us, since we have spent over eight years building a strong community of crypto enthusiasts throughout the world, adhering to the highest compliance practices and delivering outstanding services to all our clients whenever they lived. However, following Russia’s invasion of Ukraine, EXMO.com as a global group wishes to avoid risking our global expansion plans by operating in such high-risk markets,” EXMO.com highlighted in its official announcement.

In the last 7 weeks, several prominent financial services providers announced the closure of their operations in Russia and Belarus. During the first week of March 2022, PayPal suspended its services in Russia. Earlier this month, the financial trading services provider, Saxo Bank confirmed that it will stop providing services to Russian and Belarusian clients.

New Owner

According to EXMO.com, the owner of a Russia-based software development firm is the new owner of the company’s recently sold business.

“Kazakhstan clients were also included as a part of the deal since a new team is based in Kazakhstan. The new owner of the Russian, Belarusian and Kazakh digital assets exchange business is the owner of a Russia-based software development company, which was one of the vendors to provide engineering services to EXMO during the last three years,” the company added.