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Exmo sells a portion of its business
On April 18, Exmo announced the sale of its digital asset business in Russia and Belarus to a Russian software development firm. Exmo's client accounts in Russia and Belarus and local fiat onramp systems were included in the deal. The new owner and the size of the deal were not disclosed. Exmo's business in Kazakhstan is included in addition to Russia and Belarus because the new owner's team is based in Kazakhstan.The undisclosed buyer owns a Russian software development company and a Kazakhstan-based legal entity for a cryptocurrency exchange. Exmo's ultimate beneficial owner Eduard Bark is also leaving the company, transferring his stake to Exmo CEO Serhii Zhdanov as part of the deal.
Not the only crypto exchange that has left the country
Exmo has amended its user agreement to state that residents of Russia, Belarus, and Kazakhstan will no longer be allowed to use its platform as of April 15. The exchange also has disabled Russian ruble trading pairs. Because Russia was their primary market, the deal will significantly impact the crypto exchange. However, the main reason for the withdrawal is Russia's reputation as a high-risk country.It is not the only cryptocurrency exchange that left Russia due to rising tensions. Currency.com announced last week that it was also ceasing operations in Russia. Traditional service providers, such as Denmark's Saxo Bank, have recently suspended all operations in Russia and Belarus.
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