EXMO Exchange Limited
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anchored·5cEhD6…xuLjSummary
EXMO Exchange Limited is a UK-registered cryptocurrency exchange founded circa 2013 by Russian nationals Eduard Bark and Ivan Petukhovskiy. The exchange suffered a hot wallet hack in December 2020 losing approximately $10.5 million in user funds, faced multiple regulatory failures including a failed FCA registration and a UK ASA ruling for misleading advertising, and was sanctioned by the UK government on May 26, 2026 under Russia (Sanctions) (EU Exit) Regulations 2019 for alleged facilitation of Russian sanctions evasion via transactions with sanctioned entities Garantex, Grinex, and Chatex totaling over $19.5 million. Blockchain analysis by TRM Labs found that EXMO's claimed operational separation from its Russia-facing spinoff EXMO.me was not reflected in actual custodial wallet infrastructure.
Connected Entities
1 entities- + 6 more
Timeline(11 events)
2013
EXMO Exchange founded by Russian nationals Eduard Bark and Ivan Petukhovskiy
26 December 2017
EXMO analyst Pavel Lerner kidnapped in Kyiv, Ukraine; released after approximately 102 BTC ransom reportedly paid
October 2018
EXMO Exchange Limited incorporated in England and Wales (company number 11655602)
21 December 2020
EXMO hot wallets hacked; approximately $10.5 million in BTC, ETH, XRP, BCH, USDT, ZEC, and ETC stolen
15 February 2021
EXMO suffers massive DDoS attack generating ~30 GB/s traffic, taking exchange offline for approximately two hours
9 March 2021
EXMO announces Ledger Vault partnership to upgrade custodial security following 2020 hack
15 December 2021
UK Advertising Standards Authority issues ruling against EXMO for misleading advertising including improper use of FCA temporary registration status
18 April 2022
EXMO announces exit from Russia and Belarus, sells Russia-facing operations and EXMO.me domain to undisclosed buyer; founder Eduard Bark transfers stake to CEO Serhii Zhdanov
6 October 2023
EXMO ceases services to UK customers after failing to secure FCA registration; customers required to withdraw funds
July 2025
Ukraine designates Kazakhstan-registered EXMO entity under sanctions
26 May 2026
UK FCDO designates EXMO Exchange Limited under Russia (Sanctions) (EU Exit) Regulations 2019 as part of 18-entity A7 Network package; TRM Labs blockchain analysis cites $19.5M+ in direct transactions with sanctioned entities Garantex, Grinex, and Chatex, and finds shared custodial wallet infrastructure with EXMO.me despite claimed separation
Decision Log
- hash: J4DJnXxNj8ZsM9XLX2X2BdxSCEgCx7huHQE5NmuRZPaU
This investigation is cryptographically anchored to the Solana blockchain (1 event). 16 of 21 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/27/2026, 7:06:14 PM
last updated: 9/1/2026, 4:31:10 AM
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