The chief executive of a UK-based Bitcoin exchange called EXMO has reportedly been kidnapped in Ukraine.

Pavel Lerner, 40, was kidnapped while leaving his office in Kiev's Obolon district on December 26.

Local media reported that he had been pulled into a black Mercedes-Benz by a group of men wearing balaclavas.

"We are doing everything possible to speed up the search of Pavel Lerner," a spokesman told the Telegraph.

"Any information regarding his whereabouts is very much appreciated...Despite the situation, the exchange is working as usual. We also want to stress that nature of Pavel’s job at EXMO doesn’t assume access either to storages or any personal data of users. All users funds are absolutely safe.”

EXMO is based in Polegate, Sussex, but according to its website it has workers in Spain, Russia, India and Thailand together with "financial advisers" from the UK, USA, Lithuania and Singapore.