Russia Targets Crypto’s Shadow War Pipeline as WhiteBit Faces Sweeping Ban

Russia's Prosecutor General has designated the Ukrainian cryptocurrency exchange WhiteBit and its parent company, W Group, as "undesirable organizations," effectively banning their operations within Russia. Authorities accuse WhiteBit of facilitating illegal fund transfers out of Russia, claiming management moved approximately $11 million since 2022, including nearly $900,000 for drone purchases, and provided support to Ukraine's state-backed crypto donation platform, United24. This action occurs as Russia accelerates its domestic crypto regulation, with the Bank of Russia outlining new licensing requirements for exchanges and proposing strict annual investment limits for non-professional investors, aiming to balance market access with financial safeguards by 2027. The crackdown underscores Russia's increasing scrutiny of cryptocurrency flows amid geopolitical tensions with Ukraine.

(Source：BeInCrypto)