Moscow labels WhiteBIT undesirable over Ukraine funding

Russia’s Prosecutor General’s Office has designated Lithuania-based crypto exchange WhiteBIT an “undesirable organization,” blocking it from operating in the country. Authorities cited roughly $11 million the exchange’s management directed in 2022 to Ukraine defense initiatives, including drone procurement. Under Russian law, entities with this label must halt activities in Russia, and individuals who cooperate with them can face fines and criminal charges.

Prosecutors described WhiteBIT’s financial and technical support for Ukraine-linked initiatives, including fundraising tied to the Armed Forces of Ukraine, and accused the platform of enabling “gray” schemes to move funds out of Russia. The cited $11 million roughly matches figures the company has posted for Ukraine-related causes since the start of the war.

WhiteBIT has publicly backed Ukraine and says it exited the Russian market shortly after the 2022 invasion. The exchange reports it blocked users from Russia and Belarus, ended trading pairs with the Russian ruble, and lost about 30% of its user base at that time. The company maintains it has had no users or business activity in Russia since 2022.

The exchange has provided technical infrastructure for United24, a fundraising platform initiated by Ukraine’s president. In 2022, it signed a memorandum of cooperation with Ukraine’s Ministry of Foreign Affairs to support consular services, the ministry’s anti-crisis center, and a 24/7 helpline for citizens abroad. The company reports that WhiteBIT and its Whitepay processing service have facilitated more than $160 million in crypto donations.

Russian authorities warned that individuals and entities working with organizations labeled “undesirable” could face penalties, including prison terms. Officials use the designation for organizations they claim threaten national security or public order.

WhiteBIT continues to expand internationally. In December, the company announced a U.S. launch with a marketing campaign in New York’s Times Square and extended operations in 2025 to Australia, Argentina, and Brazil.