EXMO CoinWhite paper

EXMO Coin (EXM) White paperv. 2.0 / June 2022

Disclaimer 2
About EXMO 3
Brief company history 3
Rankings 4
Reputation 4
Products 5Current 5
In development 7
About EXMO Coin 9
Main concept 9
Legal restrictions 9
Technical parameters 10
Issuance 10
Advantages of EXMO Coin 11
EXM usability roadmap 14
Current 14
In development 14
Use of raised funds 15
Token utilisation 16
Order of token sale 16
Risks 16EXMO Coin (EXM) White paperv. 2.0 / June 20221

Disclaimer
This document is not an advertising catalogue or a document containing an offer of securities. It
is not intended to offer securities or promote investments in securities in any jurisdiction. This is
the second version of the EXMO Coin (EXM) White paper, originally published in July 2019.

EXMO Coin (EXM) White paperv. 2.0 / June 20222

About EXMO
Brief company history
At EXMO, we have a vision of a world where crypto is in every wallet. Hassle-free. We want toachieve this by making crypto as simple and accessible to everyone as possible.
Founded in 2014, the company is now based in the UK, Ukraine, Poland, Lithuania and the US.
The EXMO cryptocurrency platform has more than 24,000 active daily traders, more than 180
trading pairs, a native token EXMO Coin and operates with 6+ fiat currencies. The average daily
trading volume is over $200 million.
Apart from standard operations, the exchange offers OTC trading, margin trading (for Ukrainianand CIS markets), API, a mobile app, a native token – EXMO Coin, etc.
Company milestones
2014 – EXMO was founded2014 – First 50K users
2016 – Hit 350K users
2018 – Credit card deposits for 6 fiat currencies were introduced
2019 – Executive team in the UK hired– Mobile app launched– EXMO Coin launched2020 – Partnership with a European bank signed
2021 – EXMO Margin launch in Ukraine and CIS– Partnership with Ledger Vault
2022 – EXMO Margin app launch– Opened offices in Poland and Lithuania

EXMO Coin (EXM) White paperv. 2.0 / June 20223

Rankings

Reputation

EXMO Coin (EXM) White paperv. 2.0 / June 2022
4

Products
Current
1. Trading with EXMO Premium
The main source of profit for EXMO is the commission from trading operations. Our team offers
the following incentive system to our active traders with fee reductions up to 100%.
EXMO Premium packages offer a progressive, scaled discount on trading fees.
The fee depends on each user’s trading activity. The higher the monthly trading volume, thelower the fees. EXMO Premium packages offer fixed discounts from 15% to 100% on Taker andMaker commissions during a month. Each package can be purchased using EXMO Coin (EXM),
which will be added to the quarterly token burn to stimulate price growth.

2. Referral and Affiliate programs
EXMO provides additional ways to earn extra money for our traders and affiliate partners with
Referral and Affiliate programs.
Our Referral program works to incentivise the growth of EXMO's user base. Each EXMO user
can set up their own referral network and refer new traders to the exchange; and thereby earn
rewards for all their trades.
The user (referrer) can generate their own unique referral link and share it with potential users(referrals) to register on EXMO. The referrer can invite an unlimited number of referrals. Any
trade completed by the referral earns a fixed percentage for the referrer: 25% of the commission
for referrals' trading operations and 40% of the commission for referrals' trading operations with
EXMO Coin. Each reward is calculated and paid in the transaction currency. The referrer
receives payments as long as their referrals keep trading.
Our Affiliate program allows EXMO’s partners to earn by promoting EXMO. Affiliate partners
receive a bonus for every referred person. Among additional benefits for affiliate partners are a
dedicated affiliate manager, real-time settlement of fees and performance updates, as well amulti-dimensional report providing detailed data on transactions and fees.

3. Listing system
EXMO offers its users access to the hottest assets in the cryptocurrency market. By runningpromising projects, coins and tokens through a comprehensive selection process, offeringrobust technical support, performing rigorous analysis of regulatory requirements and risks, andEXMO Coin (EXM) White paperv. 2.0 / June 2022
5

reviewing feedback from our community, EXMO employs a cutting-edge listing system thatreflects the market and its trends.

4. Initial Exchange Offering (IEO)
The Initial Exchange Offering refers to a token sale conducted on the exchange. The key
difference between an IEO and the traditional ICO model is that the exchange acts as thefacilitator. The exchange's team conducts a preliminary audit and technical analysis of the
project and its token, appraises the project's potential and investment appeal, and only thenannounces the start of a token sale on the platform.

5. Complex orders
An order is the primary tool of a trader on an exchange. It allows the user to perform trades,
determine acceptable levels of gains and risks, take profits and cut losses.
The most common types of orders are a Limit Order and a Market Order which cover the basic
needs of most traders. However, building more complex trading strategies requires moresophisticated tools. That’s why we have launched a Stop Order which is a form of a pending
market order to automatically execute the sale or purchase of an asset (for a specific asset
amount) when the market price reaches a specified price (Stop Price) to hedge exchange raterisks, in case the rate falls. This is true for both buy and sell orders, called Stop Sell Orders andStop Buy Orders. A Stop Sell Order is an order to sell an asset if its market price falls to a
specified level (Stop Price), while a Stop Buy Order is an order to buy an asset if its market priceincreases to a specified level (Stop Price). A Stop Sell Order is entered at a stop price below thecurrent market price, and a Stop Buy Order is entered above the current market price.

6. Online exchange chat
EXMO’s users can communicate with each other in real-time, share the latest market trends,
exchange opinions and discuss trading strategies. Moreover, the exchange chat is the best way
to obtain the latest news of any platform innovations, changes to the fee structures, projectlistings and other relevant events.

7. Mobile app
In 2019, we launched a mobile app. It empowered our traders with all the main tools of theexchange, allowing them to trade with nothing but their smartphone. The mobile app is available
for iOS and Android users. In 2022, traders in Ukraine and CIS countries were able to start
using the margin trading services through the EXMO app.

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8. Margin trading
Margin trading refers to the practice of using borrowed funds with the trader's own funds being
used as collateral. Naturally, in return for the opportunity to trade with leverage, the platformcharges the trader commission for using borrowed funds.
Following comprehensive analysis and technical testing, we offer our traders the ability to tradewith leverage, open long and short positions, allowing them to profit from the market, whether
the trend is bullish or bearish.

9. Voting rights to list assets on EXMO
Community opinion is an important component of EXMO’s business model, we want to earn thetrust of our users by listening to them and carefully considering their feedback. That’s why we
added a function to vote for having promising projects being listed on the exchange.
On the one hand, new assets represent new investment opportunities. While on the other hand,
they are fraught with certain risks. We always aim to undertake a rigorous analysis of all projects
considered for listing, but it is possible that our specialists might overlook certain importantdetails. By giving a voice to our users, we added yet another quality assurance step to theverification process.

10. EXMO StoreEXMO Store allows purchasing of physical goods and services using EXMO Coins. It offers awide range of branded T-shirts, hoodies and other clothing items boasting unique designs. Here,you will also find EXMO Premium packages that help reduce your trading fees by up to 100%.
The selection is frequently updated with new products and services.
All payments are made solely using EXMO Coin. All tokens received from sales on our
online store are added to our quarterly EXM burns.

In development
1. Staking
Staking allows earning of passive income from the assets that traders hold in their EXMO
wallets. The reward for staking crypto is credited automatically to wallets at a certain period oftime with the auto-renewal option. Besides popular crypto assets, traders will be able to stake
EXMO Coin, and receive additional rewards from holding EXM.
Additionally, EXM holders will be able to increase their annual rate with special staking
packages by holding a certain amount of EXMO Coins.
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2. P2P
EXMO Peer-To-Peer (P2P) platform offers traders the opportunity to trade directly with one
another without the need to provide any personal data. Besides this, it provides traders with theright to sell and buy crypto at preferred prices with flexible payment methods.
EXMO Coin holders will be able to buy and sell assets on EXMO P2P with reduced fees. EXM
will also enable the trader to promote their offers with additional features such as highlighting
trades.

3. Crypto card
EXMO crypto card will be tied to the EXMO wallet, allowing its holders to pay everywhere withcrypto – offline and online, just like with any regular bank card. Thanks to Apple Pay or Google
Pay integration, users will be able to pay for goods and services with one click using theirsmartphones. It will be possible to pay all fees related to card usage with EXMO Coins. Other
additional bonuses will be revealed after the EXMO crypto card launch.

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EXMO Coin
Main concept
EXMO Coin is a utility token for the exchange's internal ecosystem. As such, we plan on
integrating the token into many additional services as we expand the platform. Conceptually,
EXMO Coin is similar to exchange tokens of many other exchanges operating in the world ofcryptocurrency trading: it offers bonuses and advantages when utilising the exchange's tools
and products, while ensuring security and confidence in one's investment.

Legal restrictions
EXMO Coin is in no way a direct or indirect analog of shares, participation interests, liabilities,
legal claims, legal titles or interests with respect to the EXMO Cryptocurrency Platform, itsaffiliates or any other company, enterprise or institution, nor does EXMO Coin entitle its owners
to any promises of payment, dividends, unconditional income, profits or investment income, andis not intended to secure the issue of securities in the British Virgin Islands, the United Kingdom
or any other jurisdiction.
Subject to the terms of the issuance, EXMO Coin:(a) IS NOT refundable and may not be exchanged for cash by the EXMO Cryptocurrency
Platform or any EXMO affiliate;(b) DOES NOT represent or grant the token holder any rights, in any form with respect to the
EXMO Cryptocurrency Platform (or any of its affiliates) or its revenues or assets, including,
without limitation, any right to receive dividends, revenues, ownership or interest, security,
voting, distribution, redemption, liquidation, property (including all forms of intellectual property
or licence rights), or other financial or legal rights or equivalent rights, or any other forms ofparticipation in or with respect to the EXMO Cryptocurrency Platform;(c) DOES NOT constitute any rights under a contract for differences or any other contract whose
purpose or intended purpose is to make a profit or avoid losses;(d) DOES NOT represent money (including digital money), securities, commodities, bonds,
debentures or any other type of financial instrument or investment;(e) IS NOT a loan to the EXMO Cryptocurrency Platform or any of its affiliates, and is not a debt
of the EXMO Cryptocurrency Platform or any of its affiliates.

EXMO Coin (EXM) White paperv. 2.0 / June 20229

Ownership of EXMO Coin does not contain any rights, express or implied, other than the right touse EXMO Coin as an instrument that can be used to interact on the EXMO Cryptocurrency
Platform.
EXMO Coin will also function as an economic incentive for users to participate in the EXMO
ecosystem.

Technical parameters
EXMO Coin is issued on the Ethereum blockchain using the ERC20 standard as the smart
contracts interface.

Why ERC20?
● Platform maturity● Widespread and popular● POW● Large community● Large amount of code ready for development● Available token standards● Large number of dApps on the platform
All ERC20 compatible tokens are supported by the majority of crypto exchanges and wallets
interfacing with the Ethereum network.
The token's smart contract is coded in Solidity.
The token is fully compliant with the international security standards ISO/IEC 27001 and
CryptoCurrency Security Standard (CCSS).

Issuance
Exchange ticker: EXM
Asset name: EXMO Coin
Asset type: token
Token supply: 2,000,000,000 EXM
Nominal token price: 0.00000052 BTC as of 31st May 2022
The total cap: 2,000 BTC

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Initial coin allocation among participants:● 30% of issued tokens were placed on the open market by conducting seven fundraisingrounds, starting from private pre-sales for large investors interested in our platform and ending
with three public rounds (IEO) for all users interested in purchasing the token.
● 20% of tokens are being used for operational expenses + as a preemptive option to purchasefor the exchange's team.
● After the first IEO, held in 2019, 50% of tokens were locked up for a period of 3 years. Following
the lock-up, the tokens will be transferred to the exchange once every 6 months at a rate of no
more than ⅙ of the initially placed amount for the development of exchange products and for thelegal department. EXMO reserves the right to cancel any of the token unlocking rounds. In sucha case, the tokens scheduled for placement will be burned.
The smart contract link: 0x83869de76b9ad8125e22b857f519f001588c0f62
There are no plans for any additional issuance of EXMO Coin tokens.

Advantages of EXMO Coin
Following the initial placement of EXMO Coin tokens, we are integrating the token into the
EXMO internal ecosystem, as well as executing strategic partnerships with leading payment
systems and cryptocurrency wallets to integrate EXMO Coin into their respective systems andwallets.
In an effort to stimulate active use of the tokens on our platform, we are gradually implementing
a series of incentives, including but not limited to:

1. Reduced trading fees
EXMO users are now able to buy EXMO Premium packages which allow reducing their trading
fees by up to 100%.
All packages, valid for a 30-day period, can be purchased using the EXMO Coin.
Cost of packages are as follows:
Package

Discount*

Package cost**

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Maker

Taker

Basic

33%

6%

1 USD

Standard

60%

26%

10 USD

Advanced

80%

46%

100 USD

Professional

100%

70%

500 USD* - Please note that discount rates are subject to change. You can check the current rates on the
EXMO Premium page.
** - The service is paid for in EXMO Coin at the current payment rate. Increased cashback starts
at 00:00 UTC following the date of purchase through 23:59 UTC of the last date of thepurchased period. The EXMO Cryptocurrency Platform reserves the right to amend the terms of
the service, including enabling/disabling the service at our discretion, with an advance noticeissued to users of the exchange through official channels.

2. Reduced margin trading fees
EXMO Margin traders will be able to reduce fees for operations through leverage with EXMO
Coins.
Using EXMO Coins to pay for leveraged trades will be discounted as compared to using theleveraged currency. The discount amount will be determined after the function is implemented.
The number of EXMO Coins required to pay for the margin trade will be calculated off themarket rate of EXM to the leveraged currency (or off the cross rate to BTC).
The service will be in effect from the moment it is activated by the user.

3. Increased referral payouts
Users whose referrals complete trades with EXMO tokens on the exchange receive increased
payouts for those operations.
Referral rates are to be determined.

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4. Airdrops
Users who hold certain amounts of EXMO Coin on the platform, over certain periods of time, arerewarded with partner airdrops during various promotional events. Details of each partner's
promotion will be announced separately.

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EXM usability roadmap
Integrating EXMO Coin into the settlements system on the EXMO platform is designed toextend the token's influence. Users will be given the option to use the current system or thesystem built on EXMO Coin.

Current● Using EXMO Coin as a trading pair with the cryptocurrencies in highest demand.
● Priority listing of new cryptocurrencies and tokens in a pair with EXMO Coin (front-running).
● Airdrops of partner coins.
● Purchasing EXMO Premium packages for discounted trading fees with EXMO Coin.
● Customisation of the user's personal login displayed in the chat (the login colour, exclusive
attributes, etc.).
● Voting for listing coins on the exchange.
● Buying EXMO merchandise and other products on EXMO Store.

In development● Copy trading function: automatically follow successful traders by mirroring their trades.
● Integrate EXMO Coin with leading cryptocurrency payment systems and wallets, as means of
payment.
● Option to convert untradeable amounts of coins to EXMO Coin.
● Discounted fee for using leverage while margin trading.
● Discounted fee and additional perks for using the P2P platform.
● Discounted fee for using the EXMO crypto card.
● Increased interest rate for staking EXM and other coins.
Additional options from our suite of products and services, to be determined as they aredeveloped and launched.

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Use of raised funds

40% of raised funds — Technical development
One of the main goals in issuing EXMO Coin is to raise funds to accelerate the development ofour products which requires a significant amount of work. In an effort to accelerate the releaseof new products and features for our users, we are allocating the majority of raised funds tostrengthen our developer team. Additionally, a key direction of our technical program is toensure the security of user funds. To this end, we are allocating a portion of the raised funds toprojects related to IT security, audits and storage of assets.

40% — Marketing
A large portion of the raised funds is used to promote the EXMO brand on international markets.
An aggressive marketing strategy includes reduced trading fees (up to 100%), context-based
advertising, and so on. It's not a secret that the main goal of any platform is to grow its userbase. We are serious about attracting new customers and maintaining our reputation as areliable cryptocurrency exchange.

10% — Legal support
Working with fiat currencies and reliable banks requires licenses. In order to simplify the process
for traders and wallet holders, we are allocating 10% of the raised funds for legal expenses andlicensing fees. We believe that regulatory compliance is key to reliable projected growth.

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10% — Insurance fund
10% of the raised funds are allocated to an emergency insurance fund. Blockchain technology
is a relatively new innovation in the world of modern information technologies. Despite theefforts made by the major exchanges and players in the crypto industry, there are occasional,
emergency situations when user funds are put at risk. In an effort to protect our users from suchlosses, we created a special insurance fund that covers those losses in the event of such force
majeure losses.

Token utilisation
All the tokens used for purchasing EXMO Premium packages and items on EXMO Store aresubject to utilisation.
Therefore, every quarter the number of EXMO Coin tokens are decreased. EXMO tokens
subject to utilisation are stored in a separate public wallet and burned every quarter without
being put back into circulation.
Utilisation will continue until the token supply is reduced to 50% of the total circulating supply.

Token sale results
Placement of EXMO tokens has happened over several stages. In the first stage, 50% of thetotal issued tokens were sold. The remaining 50% were locked for a 3-year period with partial
unlock occuring every six months. Their placement took place openly on our platform using the
IEO mechanism. 20% of the total issued tokens were distributed to the team and used to cover
operational expenses. The remaining 30% of issued tokens were put on the open market in a
public sale.
We organised a private (closed) sale round to satisfy the demands of large investors interested
in our platform. In addition to this, we arranged three public (open) rounds, held as an open
exchange offering (IOE) on our platform. The first two public rounds offered EXMO tokens at a
discount on the nominal price (see the Stages, Time Frames and Price section for details on
pricing).

Risks
Purchasing EXMO Coin and using any services offered by EXMO is fraught with significant risks
and potential financial losses, including but not limited to:
EXMO Coin (EXM) White paperv. 2.0 / June 202216

● Features, functions, parameters and other qualities of EXMO Coin ("EXMO Coin Qualities"),
as well as software, networks, protocols, systems and other technologies (including, if
applicable, any blockchain) ("Base Technology") used for administration, creation, issuance,transfer, cancellation, utilisation or processing of operations involving EXMO Coin, may betechnologically complex or difficult to comprehend or assess.
● EXMO Coin and its Base Technology may be vulnerable to attacks targeting the security,
wholeness or functionality of EXMO Coin or its Base Technology ("Attack"), which may include
attacks employing computing power sufficient to suppress the normal operation of theblockchain or another Base Technology.
● EXMO Coin, EXMO Coin Qualities or Base Technology may change or in one way or cease
functioning according to expectations, due to changes made to the Base Technology, changes
made using the features or functions embedded in the Base Technology, or changes brought onby an attack. These changes may include, without limitation, "changes to the source code" or a"rollback" of EXMO Coin or the blockchain.
● EXMO Coin may be nullified, lost or spent, or lose most or all of its value in some other way
as a result of changes to the source code, rollbacks, Attacks, changes to EXMO Coin Qualities
or inability of EXMO Coin to function as intended.
● EXMO may pause or reject any order as part of the IEO and/or any other transaction involving
EXMO Coin following the conclusion of the IEO, pause or revoke access to services in theinterest of complying with applicable laws and regulations, or if instructed by law enforcement orother governmental agencies, as well as other reasons, at the discretion of EXMO.
● EXMO Coin may change in price or lose all of its value due to various factors, including thediscovery of unlawful behaviour, market manipulation, changes to EXMO Coin qualities orpresumed value of Token Qualities, attacks, as well as other factors, including, among otherthings, factors independent of EXMO.
● EXMO Coin may decrease in price or lose all of its value due to legal or regulatory activity, orother actions undertaken by law enforcement or other governmental bodies.
● Users may be barred from submitting an order request as part of the IEO or to carry outtransactions with the token following the completion of the IEO (temporarily or indefinitely), or
EXMO may fail to receive a user's order request as part of the IEO or a transaction due toproblems with equipment, software or services (including, among other things, connections
malfunctions with the internet or other networks).

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● An order request as part of the IEO or a transaction following the completion of the IEO, or
any message for EXMO or services may be lost, intercepted or changed during the transfer.
● Unsanctioned third parties may gain access to the user's account or use it and carry out
orders as part of the IEO and/or transactions without the user's knowledge or consent, whether
by acquiring the password to the user's account registered with us, taking control of some otherdevice or account used by the user in connection with any enhanced security measures linked
to the user's account, or by other methods.
● Equally applicable to any other crypto asset, the risks outlined above may result in the loss of
EXMO Coin, a drop-in or total loss of value of EXMO Coin, inability to gain access or transfer
EXMO Coin, inability to trade EXMO Coin, inability to gain financial benefits granted to holdersof EXMO Coin, and other financial losses.

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