EXMO Exchange Limited is shutting down after being added to the UK's Russia sanctions list on May 26, 2026. The designation, part of an 18-entity crackdown on crypto networks linked to Russia, froze a portion of user assets held by third-party custodians and exchanges.
The company cites a 29.4% shortfall tied to a 2020 hot-wallet hack and new sanctions-related freezes as the reason for its closure. To account for this gap, EXMO has deducted the corresponding percentage from every client balance and issued an equivalent amount of a non-tradable token called USDRecover.
USDRecover is described as a debt claim on any assets the company recovers, whether frozen funds are eventually released or stolen funds are traced. The platform will remain online for a limited period to allow clients to withdraw remaining funds.