Exmo.com Sells its Russian, Belarusian, and Kazakh Business Unit

Crypto trading platform, Exmo.com has announced it is selling its business units in Russia, Belarus, and Kazakhstan as part of its efforts not to jeopardize its international business expansion plans. According to the announcement, the new business units in these three regions are now under the control of a Russian software company that has served the Exmo.com exchange for the past 3 years.

The Exmo.com move comes off as the latest of the companies making their exit from Russia in the wake of the country’s invasion of Ukraine. Since February when the attack started, a number of companies have dissociated themselves with Russia with Mastercard and Visa amongst the most prominent outfits that have cut Russian users from their payment network.

Exmo.com said the decision to leave Russia and the surrounding countries is not one that it took lightly, seeing it spent about 8 years building the community in those regions.

“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,” the announcement reads.

The company also revealed that its Russian UBO, Eduard Bark will be leaving the company and transferring his stakes “as a part of a response to one of our directors, Serhii Zhdanov.

Exmo.com is Refusing to be Caught on the Frontlines

With sanctions from countries around the world, Exmo.com has made the right permutation leaving Russia, Belarus, and Kazakhstan in order for it not to be caught in the crosshairs of unfavorable business growth associated with sanctioned entities.

Besides the prominent fintech firms that have made their exit from Russia, crypto companies are also known to have distanced themselves from the country. Ethereum miner, Flexpool comes off as one of the first outfits to exit the country and the Exmo.com move is a testament that more companies are still evaluating their options.