Russia has blacklisted cryptocurrency exchange WhiteBIT, declaring it an “undesirable” organization due to alleged support for Ukraine. The move effectively bans WhiteBIT-related activity within Russia and exposes anyone cooperating with it to potential criminal charges.
Russian prosecutors accused the exchange of financing Ukraine’s war effort and enabling money to move out of Russia through unofficial channels. They cited donations made by WhiteBIT and its leadership since 2022, including funds used to purchase drone equipment.
WhiteBIT has publicly stated that it has donated over $11 million to Ukrainian causes since the start of the conflict. Its payments platform, Whitepay, has also helped collect large amounts in crypto donations.
The decision highlights ongoing tensions around crypto’s role in cross-border finance during wartime. Since 2022, exchanges have faced pressure to balance sanctions compliance with user access, as governments increasingly scrutinize digital asset flows.
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