Russia has effectively banned crypto exchange WhiteBIT, labeling it an “undesirable organization” due to the platform’s financial and technical support for Ukraine-linked initiatives. The move bars WhiteBIT from operating in Russia and exposes local collaborators to fines and criminal penalties, including potential prison terms.
WhiteBIT’s Support for Ukraine
According to Russia’s Prosecutor General’s Office, WhiteBIT transferred approximately $11 million in 2022 to support Ukrainian defense efforts, including drone procurement and humanitarian programs. The exchange has openly acknowledged these contributions, providing technical infrastructure for United24, Ukraine’s crypto-enabled fundraising platform for both military and civilian purposes. WhiteBIT, headquartered in Lithuania, continues to publicly disclose its charitable activities related to Ukraine.
Legal and Regulatory Implications
Under Russian law, entities deemed “undesirable” must cease operations immediately within the country. Individuals or organizations cooperating with these entities face significant legal consequences, including criminal prosecution. Moscow also accused WhiteBIT of facilitating “gray” financial schemes to move funds out of Russia, intensifying tensions amid ongoing crypto-related sanctions.
WhiteBIT’s Global Expansion
Despite the Russian ban WhiteBIT has continued expanding internationally. In December 2025, the exchange launched in the U.S., including a promotional campaign in New York’s Times Square, and has also increased operations in Australia, Argentina, and Brazil.
The designation underscores the intersection of cryptocurrency, geopolitics, and international finance, highlighting how exchanges operating globally may face conflict-driven regulatory actions while maintaining support for humanitarian and defense initiatives.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.