Russia effectively bans WhiteBIT crypto exchange over Ukraine ties

Russia has effectively banned the Lithuania-based crypto exchange WhiteBIT by designating it an "undesirable organization" through a declaration by the Prosecutor General’s Office. The designation stems from WhiteBIT's alleged financial and technical support for Ukraine-linked initiatives, including fundraising for the Armed Forces of Ukraine. Russian authorities claimed the exchange transferred approximately $11 million in 2022 toward Ukrainian defense causes, such as drone procurement, and accused it of facilitating illicit fund transfers out of Russia. WhiteBIT has publicly acknowledged its support for Ukraine, including providing infrastructure for the United24 fundraising platform. Despite this ban, WhiteBIT continues its global expansion, recently announcing its launch in the U.S. market and growth in other regions like Australia, Argentina, and Brazil.

(Source：The Block)