Nga bans WhiteBIT, considers the crypto exchange as an "undesirable organization" for supporting Ukraine

Russian authorities have blacklisted the crypto exchange WhiteBIT, accusing the platform of supporting Ukraine’s military efforts as the conflict in Europe enters its fourth year.

The Russian Federal Prosecutor’s Office designated WhiteBIT along with its parent company W Group as a “undesirable organization,” thereby banning these entities from opening bank accounts, transferring funds, or providing services to customers in Russia.

In a statement, Russia described WhiteBIT as a European platform. The company is currently based in Vilnius (Lithuania), but was founded in Kharkiv (Ukraine) by entrepreneur Volodymyr Nosov. Last year, WhiteBIT opened an office in New York and launched a crypto trading platform dedicated to the US market.

Russian authorities accuse WhiteBIT of assisting customers in withdrawing funds from Russia through “gray schemes,” as well as being involved in “other illegal activities.”

Market data shows that WhiteBIT recorded approximately $1.1 billion in trading volume over the past 24 hours, while Binance — the world’s largest exchange — reached about $14.2 billion.

Prosecutors also claim that the platform has been used to support the Ukrainian military since Russia launched its military operation in February 2022. WhiteBIT is accused of collaborating with organizations linked to the Ukrainian government.

Additionally, Russian officials state that WhiteBIT’s leadership donated $11 million to Ukraine in 2022, of which around $900,000 was reportedly used to purchase drone systems. The $11 million figure is also mentioned on WhiteBIT’s website. The exchange is further accused of supporting United24 — a crypto donation platform initiated by President Volodymyr Zelenskyy.

According to the United24 website, this initiative has raised approximately $3.4 billion, allowing users to contribute to sectors such as healthcare, education, and science.