iExchange crypto exchange leaves Belarus for Latvia

Cryptotrade, the company which founded the crypto exchange iExchange in 2019, is being liquidated in Belarus. The owners will open a new legal entity and crypto exchange in Latvia.

The founders have also applied to the Singapore regulator for an EMI (Electronic Money Issuance) license.

In an interview to dev.by, one of the founders of iExchange Ihar Snizhko said that the reason for such a decision was Western sanctions. 

"Belarus is a good country to do this type of business. But, unfortunately, international banks have had problems with the purchase of liquidity because of the sanctions. It became difficult to work," said Snizhko.