WhiteBIT, the cryptocurrency exchange recently designated an “undesirable organization” by the Russian Prosecutor General’s Office, has characterized the label as the “strongest confirmation” of its unwavering support for Ukraine. The exchange maintains that the Russian ruling is effectively moot, as the company had already proactively and “largely exited” the Russian market years ago.
The exchange noted that the designation is unlikely to impact its current operations due to the decisive steps taken in early 2022. Following the Russian invasion of Ukraine, WhiteBIT implemented a total blockade of users from Russia and Belarus and discontinued all trading pairs involving the Russian ruble.
Read more: Report: Russia Designates Ukrainian Crypto Exchange as ‘Undesirable’ Organization
In a statement shared with Bitcoin.com News, WhiteBIT acknowledged that while this principled stance caused its customer base to plummet by 30% at the time, the move ultimately paved the way for more sustainable international growth. Since then, the exchange has grown more than eight-fold, evolving into a globally recognized platform that adheres to rigorous international compliance standards.
“WhiteBIT does not operate in the Russian market and has had no users or business activity there since 2022,” the company stated. “The company remains focused on global growth, transparency, and supporting Ukraine, standing by the values that guided its decisions from the outset.”
The Russian designation, which extends to the parent firm W Group and its related entities, was reportedly issued under the claim that the platform served as a conduit for “illegal” fund transfers. While Russian authorities accused the platform of mobilizing funds for the military, WhiteBIT has been open about its contributions.
The company confirmed it has donated approximately $11 million of its own funds to support Ukraine’s defense forces and humanitarian initiatives for civilians. Furthermore, through its Whitepay service, the exchange has facilitated over $160 million in total cryptocurrency donations for both humanitarian aid and defense-related fundraising.
For these efforts, both WhiteBIT and its founder, Volodymyr Nosov, have received high-level honors from the Ukrainian government and the security services, the statement added.
- Why did Russia label WhiteBIT undesirable? Russia accused the exchange of illegal fund transfers linked to Ukraine’s defense.
- Does WhiteBIT still operate in Russia? No, WhiteBIT fully exited Russia and Belarus in 2022.
- How has the ruling affected WhiteBIT’s business? The designation has no impact, as the company already blocked Russian users and ruble trading.
- What support has WhiteBIT provided to Ukraine? WhiteBIT donated $11M and facilitated $160M in crypto aid via Whitepay.
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