The Russian Prosecutor General’s Office has reportedly designated the Ukrainian cryptocurrency exchange WhiteBIT as an “undesirable organization,” effectively outlawing its operations on Russian soil and criminalizing any association with the platform. The Russian watchdog alleges that WhiteBIT served as a conduit for “shadow schemes” used to funnel funds out of the country illegally.

Crucially, the agency claims the exchange has been instrumental in financing the Ukrainian Armed Forces. According to a report citing the prosecutor general, WhiteBIT’s management allegedly transferred approximately $11 million to the Ukrainian military since 2022, including nearly $900,000 specifically earmarked for drone procurement.

The designation extends to WhiteBIT’s parent company, W Group, and all related subsidiaries. Russian authorities also pointed to the exchange’s technical partnership with the Ukrainian Ministry of Foreign Affairs and its support for United24, Ukraine’s primary state-run crowdfunding platform for war efforts.

Founded by Ukrainian citizens in 2018, WhiteBIT is said to be among Europe’s largest exchanges, boasting more than 8 million users and a daily spot trading volume that can reach $11 billion.

Russia’s move against WhiteBIT is the latest in a series of legal maneuvers designed to sever financial lifelines to Ukraine. Under the “undesirable organizations” law — enacted in 2015 and significantly expanded in 2024 — the consequences of this designation are severe. Firstly, the designation requires the targeted entity to immediately cease all activities in the country, while Russian citizens who continue to interact with it face potential prison sentences of up to six years.

Furthermore, Russian banks and financial institutions are prohibited from processing any transactions linked to the exchange. The ban comes as the Russian government moves to centralize control over the domestic cryptocurrency market. While the Kremlin has historically oscillated between banning and embracing digital assets, its current strategy is focused on “enforced domesticity.”

• What did Russia decide about WhiteBIT? The Prosecutor General labeled WhiteBIT an “undesirable organization,” banning its operations in Russia.
• Why was WhiteBIT targeted? Authorities allege it enabled illegal fund transfers and financed Ukraine’s Armed Forces.
• Who else is affected by the ban? The designation extends to WhiteBIT’s parent W Group and all subsidiaries.
• What are the consequences for Russians? Citizens face up to six years in prison for engaging with the exchange.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。