Russia effectively bans WhiteBIT crypto exchange over Ukraine ties

Russia has declared crypto exchange WhiteBIT as "undesirable," effectively barring the platform from operating in the country over support for Ukraine's military.

The Prosecutor General’s Office said in a statement that WhiteBIT provided financial and technical support to Ukraine-linked initiatives, including fundraising programs tied to the Armed Forces of Ukraine.

Under Russia's law on "undesirable organizations," entities designated as such must cease operations in the country. Individuals or entities that cooperate with the entities risk fines and criminal charges carrying prison terms.

The prosecutor general claimed that WhiteBIT's management transferred roughly $11 million in 2022 toward Ukrainian defense-related causes, including funds earmarked for drone procurement. Moscow also accused the platform of enabling "gray" schemes to move funds out of Russia.

The $11 million figure cited by Russian authorities broadly aligns with figures published on WhiteBIT's own website, where the exchange has publicly disclosed its charitable contributions tied to Ukraine-related initiatives since the start of the war.

Russia's move comes amid broader crypto-related sanctions and tensions in its ongoing conflict with Ukraine. In July 2025, Ukrainian authorities imposed a new package of sanctions targeting Russian financial and crypto schemes, blacklisting 60 legal entities and 73 Russian nationals linked to sanctions evasion and military financing, according to a report from The Kyiv Independent.

Russian market exit

WhiteBIT, based in Lithuania, has openly acknowledged its support for Ukraine. The exchange has previously said it provided technical infrastructure for United24, a crypto-enabled fundraising platform launched at the initiative of Ukrainian President Volodymyr Zelenskyy for humanitarian and defense purposes, according to the company's website.

"​​WhiteBIT is aware of the decision announced by the Russian Prosecutor’s Office and considers it the strongest confirmation of the company’s clear and consistent pro-Ukrainian position," a WhiteBIT spokesperson told The Block in a statement.

The exchange said it cut off all ties with Russia shortly after Moscow launched its invasion in 2022, blocking users from Russia and Belarus and discontinuing trading pairs with the Russian ruble — a decision that resulted in the loss of roughly 30% of its user base at the time.

Also in 2022, the company said it signed a memorandum of cooperation with Ukraine's Ministry of Foreign Affairs, supporting consular services in countries where WhiteBIT operates, as well as the ministry's anti-crisis center and a round-the-clock helpline for Ukrainian citizens abroad.

In total, WhiteBIT and its Whitepay crypto processing service have facilitated more than $160 million in crypto donations, the spokesperson said, adding that the company "does not operate in the Russian market and has had no users or business activity there since 2022."

Meanwhile, WhiteBIT continues to expand internationally, including into the U.S. market. In December, the exchange announced its U.S. launch alongside a marketing campaign in New York's Times Square, marking a high-profile step in its global expansion. 

In 2025, WhiteBIT also expanded operations in Australia, Argentina, and Brazil, among other markets, according to a separate business update.

The article has been updated to add WhiteBIT's statement.