EXMO.com Shuts Down After UK Sanctions Designation on May 26

According to EXMO.com, the cryptocurrency exchange announced an orderly wind-down following the May 26 designation of entities within its group under the UK's Russia sanctions regime. The company said it disputes the sanctions but is cooperating with authorities to ensure an orderly customer exit. EXMO was founded in 2014 and became one of Eastern Europe's longest-running crypto exchanges, serving Russian-, Ukrainian-, and Kazakh-speaking traders before expanding internationally.

The designation was part of a wider UK sanctions package targeting 18 entities and individuals accused of supporting Russia's financial system. EXMO Exchange Limited was sanctioned alongside HTX, Bitpapa, and Rapira Group. According to the UK government, there were reasonable grounds to suspect EXMO had made financial services available to Russia-linked entities. The sanctions imposed an asset freeze and applied payment-processing restrictions, cutting off banking access and fiat rails that are critical to exchange operations.