UK-sanctioned crypto exchange EXMO has announced it is shutting down operations effective immediately, leaving nearly thirty percent of user funds inaccessible. The platform was added to Britain’s Russia sanctions list on May 26, 2026, as part of a crackdown on the so-called A7 network allegedly funding Russia’s war effort. EXMO disputes the designation but says it is cooperating with authorities.
The exchange disclosed that 29.4 percent of total user obligations cannot be returned due to frozen custodial accounts triggered by the sanctions and unrecovered losses from a December 2020 hot wallet hack. That breach saw five percent of assets stolen, funds which blockchain analytics traced through major exchanges including Binance and Poloniex but were never retrieved. New registrations, deposits, and position openings have been halted, though traders can still close existing positions. The shutdown affects Russian-speaking traders globally, despite EXMO claiming it exited Russia in 2022 by spinning off its local business.
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Traders with funds on EXMO should immediately close positions and attempt withdrawals where possible, as the recovery timeline for frozen assets remains unclear.
Source: Finance Magnates