“Crypto will be everywhere” – WhiteBIT CEO Volodymyr Nosov

In a conversation with Liga.net correspondent Iryna Kolesnik, the CEO of WhiteBIT (Europe’s largest crypto exchange by traffic) spoke about the company’s expansion into two very different markets: the United States and Saudi Arabia. The interview also touched on state-level blockchain projects, Ukraine’s crypto market, and how Nosov sees crypto reshaping everyday payments.

US market entry cost “several tens of millions of dollars”

WhiteBIT has been preparing to enter the US market since its founding in 2018, Nosov said.

“The USA is the largest financial market, it is very tough and has many nuances. Currently, there are over 4,000 banks and only five to ten classic cryptocurrency companies represented as exchanges.”

The investment required was substantial. Nosov said it would be misleading to view the investment purely as direct spending on the US launch, given the technological capabilities WhiteBIT has built over the years.

“It’s difficult to quantify the investment with a single figure, because all seven years of development and team building were essentially investments in entering the US market.”

He estimated the total at “several tens of millions of dollars,” noting that WhiteBIT US operates as a separate independent company with its own C-level management.

Saudi Arabia’s CBDC project

WhiteBIT is developing a central bank digital currency (CBDC) together with Saudi Arabia’s central bank – a state-level project that Nosov described as “a unique case, because no one has implemented similar blockchain projects here before us.”

A dedicated working group has been created to build infrastructure for the CBDC and tokenization of real assets.

“I think that in the first quarter of 2026, we will move directly to implementation. We plan to implement the first full-fledged MVP in 2026. This will not be the final version, as the project will develop gradually, but a working version that can be actually used will appear this year.”

Ukraine no longer a key market for WhiteBIT

When asked about WhiteBIT’s revenue distribution, Nosov replied that the key market for his company is the European Union, but in the future it will most likely be the USA.

Ukraine’s share has dropped dramatically compared to 2020. Today, Ukraine no longer plays a central role in WhiteBIT’s revenue structure. Nosov clarified this wasn’t due to Ukraine’s economic situation, but rather the company’s focus on international expansion. However, he emphasized that if Ukraine adopts crypto regulation, it provides “very large investments.”

“Crypto will be everywhere”

Nosov described how crypto could become part of everyday life for billions of people.

“Cryptocurrency will be everywhere – in familiar banking applications, in services, in payments. At some point, people will simply start paying with cryptocurrency, just as they now do with a card or phone.”

He said the shift is inevitable for two reasons: clearer global regulation and cryptocurrency’s practical role in transparent financial tracking. “What takes years to track in the traditional banking system can be tracked in minutes in crypto through on-chain data and established AML procedures”. 

Addressing common misconceptions that cryptocurrencies are about money laundering or shadow schemes, Nosov stated:

“All such talk is unprofessional. In reality, it is a tool for total, transparent control. And that is why in the coming years, cryptocurrency will penetrate literally everywhere.”

Ukraine’s crypto regulation: five years of discussion

Ukraine’s Verkhovna Rada supported draft law No. 10225-d on virtual asset market legalization in the first reading, but active discussions continue. Nosov and his team provided recommendations and amendments to the draft law.

“Discussions have been ongoing for five years. It is very important for the country that a law on the regulation of virtual assets has finally appeared. Of course, it may not be perfect at first. But the law will open up opportunities for discussion, create a platform for a legal start of operations in Ukraine, and attract investments and new tax revenues to the country,” Nosov noted.

He acknowledged Ukraine cannot immediately replicate Dubai’s regulatory environment: “We will have our own path.”

WhiteBIT’s growth trajectory

The WhiteBIT crypto exchange, founded in 2018, belongs to W Group – a global fintech ecosystem serving over 35 million clients from 150 countries. The group employs over 1,300 people across 15 locations worldwide.

Nosov described 2025’s financial results as positive across several key metrics, including trading activity and client growth, though he declined to disclose specific earnings:

“We are not disclosing how much we earned this year because we are not a public company, but the point is that we reinvest almost everything into our development and expansion.”

Looking ahead, Nosov suggested 2026 could mark a turning point for the company, “as new regulations emerge and new markets become available.” The company plans to update its mobile app in the first half of the year, and product development is already scheduled approximately 22 months in advance.