After careful consideration and evaluation of the company structure, we arrived at a conclusion that serving Russian and Belarusian clients will prevent us from maximising our strengths and performing better. In this current climate, which is highly uncertain, we must prioritise our adaptability by following a more rigid strategy.
At EXMO, we are focused on delivering our promises to the clients and stakeholders. In order to provide them with the highest level of security and safety in the future, we have decided to sell the digital assets business in Russia and Belarus. In addition, our Russian UBO, Eduard Bark, is leaving the company, transferring his stake as a part of a response to one of our 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 wherever 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.
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 Russian based software development company, which was one of the vendors to provide engineering services to EXMO during the last three years.
EXMO.com user agreement was recently amended to state that Russian, Belarusian and Kazakh residents are no longer being onboarded. Russian Roubles pairs were disabled since 15th April 2022 on EXMO.com
As a company we are very confident and positive about the future of our business and consider the new structure of the business commercially viable and sustainable.