Russia cancels crypto exchange WhiteBIT due to support for Ukraine
Russia has blacklisted crypto exchange WhiteBIT. According to Russian prosecutors, the platform has been openly raising funds for Ukraine since the start of the war. As a result, WhiteBIT has now been officially declared undesirable in Russia.
Russia declares WhiteBIT undesirable
The Russian Public Prosecutor’s Office says that WhiteBIT provides financial support to the Ukrainian government and army. In a statement, the prosecutor says that a foreign crypto exchange that finances the Ukrainian regime is not welcome in Russia. With the label of undesirable, all WhiteBIT activity in Russia is prohibited.
Even individuals and companies that do collaborate with the exchange may face criminal prosecution. This makes the decision particularly difficult.
Donations for drones and army support
According to Russian prosecutors, WhiteBIT has donated approximately $11 million since 2022. Of that amount, $900,000 is said to have been used to purchase drones for the Ukrainian army. WhiteBIT’s management is also said to participate in international auctions, with the proceeds being used to purchase drones.
Russia claims that some of this aid ended up with Ukrainian military units that are designated as terrorist organisations in Russia. This played a significant role in the decision to block the exchange.
WhiteBIT confirms support for Ukraine
On its own website, WhiteBIT confirms that it has donated more than $11 million to Ukraine since February 2022. The company also reports that payment platform Whitepay has helped raise more than 160 million USDT in crypto donations.
WhiteBIT presents these actions as humanitarian and defensive support, while Russia sees this as direct involvement in the war.
More control over crypto during war
Shortly after the Russian invasion in 2022, Ukraine called on major crypto exchanges to block Russian users. Some platforms did so in part, but indicated that they would only comply with sanctions that were legally binding.
Meanwhile, Russia is taking an increasingly critical view of cryptocurrency, particularly when it comes to cross-border money flows. According to prosecutors, WhiteBIT also assisted in shady schemes to siphon money out of Russia.
