Russia Declares Crypto Exchange WhiteBIT “Undesirable” Over Ukraine Support
Why Did Russia Target WhiteBIT?
Russian authorities have designated crypto platform WhiteBIT as an “undesirable organization,” effectively banning it from operating in the country. The move was announced by Russia’s Prosecutor General’s Office, which accused the platform of providing financial and technical support to Ukraine-linked initiatives, including fundraising tied to the Ukrainian armed forces.
Under Russia’s law on undesirable organizations, any entity placed on the list must cease activity inside the country. Individuals or firms that cooperate with such organizations face fines and potential criminal penalties, including prison terms. The designation places WhiteBIT alongside a growing list of foreign groups Russia has barred since the invasion of Ukraine.
The prosecutor general alleged that WhiteBIT’s management transferred around $11 million in 2022 to support Ukrainian defense-related causes, including funds earmarked for drone procurement. Russian authorities also accused the platform of enabling so-called grey schemes used to move money out of Russia.
Investor Takeaway
How Does WhiteBIT Respond to the Allegations?
The figures cited by Russian authorities broadly match disclosures published by WhiteBIT itself. On its website, the platform has openly detailed donations made since the begin of the war in Ukraine, including support for humanitarian and defense-related initiatives.
WhiteBIT acknowledged the Russian decision and framed it as consistent with its public stance. “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 company spokesperson said in a statement.
The platform has repeatedly stated that it exited the Russian market shortly later than Moscow launched its invasion in 2022. According to WhiteBIT, it blocked users from Russia and Belarus and removed trading pairs linked to the Russian ruble, a move that the company has said reduced its user base by about 30% at the time.
WhiteBIT added that it has had no users or business activity in Russia since 2022, a point the company reiterated following the prosecutor general’s announcement.
What Role Did Ukraine-Linked Crypto Activity Play?
WhiteBIT has been one of the more visible Ukraine since the outbreak of the war. The platform has said it provided technical infrastructure for United24, a crypto-enabled fundraising platform launched at the initiative of Ukrainian President Volodymyr Zelenskyy to collect donations for humanitarian and defense purposes.
In 2022, the company also reported signing a memorandum of cooperation with Ukraine’s Ministry of Foreign Affairs. The agreement covered support for consular services in countries where WhiteBIT operates, as well as assistance for the ministry’s anti-crisis center and a round-the-clock assistline for Ukrainian citizens abroad.
Through its platform and its Whitepay , WhiteBIT said it has facilitated more than $160 million in crypto donations tied to Ukraine-related causes. These activities, while publicly disclosed by the company, appear to have formed a central part of Russia’s justification for the undesirable designation.
Investor Takeaway
How Does This Fit Into the Wider Sanctions Landscape?
Russia’s move against WhiteBIT comes against a backdrop of escalating crypto-related sanctions linked to the war. In July 2025, Ukrainian authorities introduced a new sanctions package aimed at Russian financial and crypto networks accused of sanctions evasion and military financing. That package blacklisted 60 legal entities and 73 Russian nationals, according to reporting by The Kyiv Independent.
While WhiteBIT is not accused by Ukraine of wrongdoing, the platform’s case highlights how crypto platforms can become entangled in enforcement actions on both sides of a geopolitical conflict. For Russia, the undesirable designation serves both as a legal tool and a political signal aimed at firms viewn as supporting Ukraine.
For WhiteBIT, the practical impact inside Russia appears limited given its earlier exit. The broader issue lies in reputational exposure and the precedent such designations set for how states may treat crypto firms whose activities intersect with foreign policy and conflict financing narratives.
What Comes Next for WhiteBIT?
Outside Russia, WhiteBIT continues to push ahead with international expansion. In December, the platform announced its , accompanied by a marketing campaign in New York’s Times Square. In 2025, it also expanded operations in markets including Australia, Argentina, and Brazil, according to company updates.
The Russian ban does not directly affect those growth plans, but it adds another example of how regulatory and political pressures can emerge long later than a firm has exited a market. As crypto platforms expand globally, managing geopolitical exposure is becoming as significant as meeting technical and regulatory requirements.
