Russia has banned the Ukrainian cryptocurrency exchange WhiteBIT, labeling it an undesirable organization due to its support for Ukraine's military efforts. The move criminalizes any interaction with the firm within Russian borders. WhiteBIT, which has donated millions to Ukraine's defense, reaffirmed its commitment despite the pressure.
Russia's prosecutor general has officially designated WhiteBIT and its parent company, W Group, as undesirable organizations, escalating the country's crackdown on entities perceived to aid Ukraine in the ongoing conflict. This legal status makes any activity involving WhiteBIT a criminal offense for Russian citizens, including interactions with the exchange.
Founded in 2018 by Ukrainian entrepreneur Volodymyr Nosov, WhiteBIT has been vocal in its support for Ukraine since Russia's full-scale invasion in February 2022. The company exited the Russian market shortly after the war began, blocking users from Russia and Belarus and removing ruble trading pairs—a decision that cost it about 30% of its user base at the time. Russian authorities accuse WhiteBIT of creating 'gray schemes' to funnel funds out of the country and providing financial and technical support to the Ukrainian military.
WhiteBIT confirmed that it has donated around $11 million of its own funds to Ukraine's defense forces and humanitarian initiatives over the course of the war. Its payments processing arm, Whitepay, has facilitated more than $160 million in donations to defense and civilian efforts, including nearly $1 million for drone procurement. In a statement shared with CoinDesk, the company said: 'Over the four years of full-scale war, WhiteBIT has donated around 11 million USD of its own funds to support Ukraine’s defense forces and humanitarian initiatives for civilians. These actions reflect the company’s values and civic position as a business with roots in Ukraine operating during wartime.' The exchange views Russia's decision as reinforcing its dedication to Ukraine.
Despite the ban, WhiteBIT reports significant growth, now serving over 8 million users worldwide and expanding into the U.S. market. This development highlights the intersection of cryptocurrency and geopolitics, as exchanges navigate sanctions and international conflicts.
