WhiteBIT Pushes Back Against Russia Ban, Says It Left Market in 2022
WhiteBIT denied Russia's allegations of facilitating illegal fund transfers, stating it ceased Russian operations in 2022.Summary
The Ukrainian crypto exchange WhiteBIT refuted claims by Russia's Prosecutor General, who designated the platform an "undesirable organization" for allegedly helping move funds out of Russia to finance Ukraine's military. WhiteBIT asserted it completely stopped operating in Russia immediately after the full-scale invasion began in 2022, blocking all Russian users and removing Russian ruble trading pairs, a decision that cost them 30% of their user base.
Regarding allegations of transferring $11 million to Ukraine, WhiteBIT clarified these funds were its own donations supporting Ukraine's defense and humanitarian efforts over four years, not illicit transfers originating from Russia. The exchange also confirmed working with Ukraine's state-backed crypto donation platform, UNITED24, via its Whitepay service, facilitating over $160 million in total crypto donations for humanitarian and defense causes. Despite exiting the Russian market, WhiteBIT stated its business has since grown more than eightfold. The article also notes the broader acceleration of crypto adoption in Ukraine for fundraising since the war began.
(Source：BeInCrypto)