Russia Labels WhiteBIT as ‘Undesirable,’ Banning Crypto Exchange

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Russia has declared the crypto exchange WhiteBIT an “undesirable” organization, effectively prohibiting its operations within the country. The action was taken due to the platform’s alleged support for Ukrainian military efforts.

According to a statement from the Prosecutor General’s Office, WhiteBIT provided financial and technical backing to initiatives linked to Ukraine. This support reportedly included fundraising programs connected to the Armed Forces of Ukraine.

Under Russian law, any entity designated as undesirable is forced to cease all activities in Russia. Individuals or other entities that continue to cooperate with them face the risk of significant fines and criminal charges, which can include prison sentences.

The prosecutor general stated that WhiteBIT’s management funneled approximately $11 million in 2022 toward defense-related causes in Ukraine, such as purchasing drones. Moscow additionally accused the exchange of facilitating unofficial “gray” schemes to transfer funds out of Russia.