Russia labels crypto exchange WhiteBIT as 'undesirable' over support for Ukraine military
Russia designated crypto exchange WhiteBIT and its parent company as "undesirable organizations" for supporting Ukraine's military efforts.Summary
Russia's prosecutor general has officially designated the Ukrainian-founded cryptocurrency exchange WhiteBIT and its parent company, W Group, as "undesirable organizations." This legal designation criminalizes any activity involving the firm within Russia. Russian authorities accused WhiteBIT of creating "gray schemes" to move funds out of the country and supporting the Ukrainian military financially and technically since the 2022 invasion. WhiteBIT, which left the Russian market early in the war and blocked Russian/Belarusian users, confirmed its support, stating it donated $11 million to Ukraine's defense forces and its payment arm facilitated over $160 million in defense and humanitarian donations. The company noted this designation reinforces its commitment to Ukraine, despite having lost about 30% of its user base by exiting the Russian market.
(Source：CoinDesk)