EXMO, a UK-based cryptocurrency exchange, has announced that it will be winding down its operations due to recent sanctions imposed by the UK authorities. The exchange claims to dispute the sanctions but is cooperating with authorities.
The sanctions were imposed on May 26, 2026, as part of a package targeting the 'A7 network,' which includes crypto and banking infrastructure providers accused of helping fund Russia's war economy. EXMO was listed alongside other entities and individuals, including HTX (formerly Huobi), Bitpapa, and Rapira Group.
EXMO claims to have exited the Russian market after the 2022 invasion of Ukraine by selling off its Russia-facing business under a separately rebranded entity, Exmo.me. However, blockchain analytics firm TRM Labs found that the two platforms continued sharing custodial wallet infrastructure after the split.
The sanctions have frozen a portion of user assets held by third-party custodians, exchanges, and banking providers, immediately halting new account registrations, new deposits, and the opening of new trading positions. Existing positions can still be closed.