Russia Bans WhiteBIT Exchange Over $11M Support to Ukraine Military

Russia declared cryptocurrency exchange WhiteBIT an “undesirable organization.” Authorities barred it from operating in the country. They accused it of providing financial and technical support to Ukraine’s military.

The announcement came from the Prosecutor General’s Office of the Russian Federation. This accused WhiteBIT of actively participating in initiatives supporting the Ukrainian Armed Forces.

According to the office, WhiteBIT provides financial aid and infrastructure. These resources have supported fundraising efforts in Kyiv in coordination with the government.

Russia Labels WhiteBIT an “Undesirable Organization” Over Alleged Support for Ukraine

Authorities stated WhiteBIT’s management has been transferring around $11 million in 2022 toward causes aligned with Ukraine’s defense efforts.

Of that total, about $900,000 was specifically allocated to the purchase of drone systems for the Ukrainian military. This includes forces that Russia calls militants.

The statement also claimed links to the Azov Regiment, an organization that has been considered a terrorist organization in Russia.

The Prosecutor General’s Office also alleged that the exchange was part of schemes to transfer “grey” money. Thereby, funds are transferred out of Russia via unofficial means. These activities were cited as among the reasons behind the designation.

Russia’s “undesirable organizations” law forbids such organizations from operating in the country. Any individual or group found to be cooperating with them may face administrative fines or criminal charges. That includes potential imprisonment.

WhiteBIT Exchange Public Position on Ukraine and Donations

WhiteBIT, headquartered in Lithuania, publicly declared its support for Ukraine. It has maintained this stance since Russia’s invasion began in February 2022.

On its website and official channels, the company tracked donations exceeding $11 million. These funds supported humanitarian and defense-related causes.

WhiteBIT has also recognized its partnership with Ukraine’s United24 platform. It’s a crypto-enabled fundraising platform established by President Volodymyr Zelenskyy.

The platform enables the global community to donate various digital assets, including USDT. These contributions support Ukraine’s defense, medical aid, and infrastructure reconstruction.

The exchange’s payments arm, Whitepay, has reportedly handled over 160 million USDT in crypto donations since 2022. These details have been published by the company and are consistent with the figures quoted by Russian prosecutors.

Part of Broader Scrutiny Over Crypto’s Role in Wartime Finance

Russian authorities made this move within a broader regulatory and geopolitical conflict. The dispute centers on how cryptocurrencies are used in wartime financial channels.

It reflects tensions over digital assets’ role in funding and international security. Since 2022, Ukraine has used digital assets as part of its war fundraising strategy.

In the early days of the conflict, Ukraine’s Ministry of Digital Transformation urged major crypto exchanges to block Russian users. The appeal sought to cut off access to digital assets that could support Russia’s wartime activities.

While some of the platforms claimed to abide by sanctions, most resisted full bans, citing legal and operational complexities.

In July 2025, Ukraine escalated its measures against Russia. It introduced new sanctions targeting Russian financial and crypto infrastructure. These steps aimed to tighten pressure amid the ongoing conflict.

The Kyiv Independent reported that Ukraine’s sanctions package blacklisted 60 Russian legal entities and 73 individuals. Authorities accused them of financing military operations and evading sanctions through digital asset channels.

Russia has also stepped up monitoring of crypto-related activity, especially regarding flows of funds out of the country. Authorities have often opposed the application of crypto in the illegal transfer of capital and the circumvention of currency restrictions.

WhiteBIT Plans to Expand Globally Even After the Ban.

Although it has the Russian name, WhiteBIT is also involved in other jurisdictions and has recently increased its global presence. The exchange launched operations in the United States in December 2025. It promoted its entry with a high-profile Times Square campaign in New York City.

The platform also entered into other major markets such as Australia, Argentina, and Brazil earlier in 2025. The company stated its goal to become a global player in digital assets. It emphasized transparency in both operational targets and charitable initiatives.