Russia Bans WhiteBIT, Deeming Crypto Exchange 'Undesirable' Over Ukraine Support
Russian authorities have designated crypto exchange WhiteBIT and its parent company W Group as “undesirable organizations,” prohibiting them from operating in Russia. The move cites WhiteBIT’s alleged support for Ukraine’s military, including claimed donations of $11 million—of which $900,000 reportedly funded drone purchases. Russian prosecutors accuse the exchange of facilitating capital flight through illicit methods and supporting other illegal activities. WhiteBIT, founded in Ukraine and now based in Lithuania, had already banned Russian users in compliance with EU sanctions. The platform reportedly partnered with Ukrainian government-linked institutions and supports United24, a crypto donation platform aiding Ukraine. WhiteBIT’s trading volume reached $1.1 billion over the past day, compared to Binance’s $14.2 billion. These developments emerge amid ongoing efforts by both Ukraine and Russia to regulate and control the use of digital assets in the context of the ongoing conflict. WhiteBIT’s founder has previously called for Ukraine to ban operators with Russian ties from the digital asset market.
