Russia Blacklists WhiteBIT After $11M Crypto Donations to Ukraine
Russia has blacklisted the cryptocurrency exchange WhiteBIT, saying it helped finance Ukraine’s military. The Prosecutor General’s Office...
Quick overview
- Russia has blacklisted the cryptocurrency exchange WhiteBIT, accusing it of financing Ukraine's military efforts.
- The Prosecutor General's Office claims WhiteBIT's leaders donated approximately $11 million, including funds for drone purchases.
- WhiteBIT's activities have been labeled as 'undesirable' in Russia, leading to potential criminal charges for those associated with the platform.
- This situation underscores Russia's increasing scrutiny of cryptocurrency's role in conflict zones and its regulatory pressure on foreign exchanges.
Russia has blacklisted the cryptocurrency exchange WhiteBIT, saying it helped finance Ukraine’s military. The Prosecutor General’s Office called WhiteBIT and its related companies “undesirable” in Russia and claimed the platform moved funds across borders for Kyiv.
Russian officials say WhiteBIT’s leaders donated about $11 million since February 2022, including $900,000 that was reportedly used to buy drones for Ukrainian forces. Prosecutors also allege some of the money went to groups Russia considers terrorist organizations, increasing tensions with the platform.
The office said, “A foreign cryptocurrency exchange that finances the Ukrainian regime has been declared undesirable in the Russian Federation.” This shows Moscow is paying more attention to crypto activity connected to wartime funding.
Funds Allegedly Fund Drone Purchases
WhiteBIT’s supposed support for the military is tied to its charity work. The exchange says it has raised over 160 million USDT in crypto donations through its payment platform, WhitePay.
https://epp.genproc.gov.ru/ru/gprf/mass-media/news/main/e8358714/
Key points from Russia’s claims:
- Total donations by WhiteBIT since February 2022: ~$11M
- Portion used for drone procurement: ~$900,000
- Donations allegedly involved groups banned in Russia
- Activities labeled as “gray” financial schemes for moving funds abroad
These claims show that Russia is increasing its regulatory pressure on foreign crypto exchanges, especially those it believes support groups involved in the Ukraine conflict.
Heightened Scrutiny of Crypto in Conflict Zones
By labeling WhiteBIT as “undesirable,” Russia has banned all activity related to the platform in the country. Anyone working with WhiteBIT could face criminal charges under Russian law.
This development reflects ongoing tensions over crypto’s role in conflict zones:
- Early 2022, Ukraine urged exchanges to block Russian users
- Some crypto firms comply only when legally required
- Russia increasingly monitors cross-border crypto flows
As cryptocurrency becomes more common for both civilian donations and wartime funding, regulatory disputes like this could affect the industry’s international operations for years. WhiteBIT has publicly defended its donations as charity and highlights transparency on its platform.
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