WhiteBIT has denied the Russian Prosecutor General’s claims that it facilitated the illegal transfer of funds outside Russia to fund the Ukrainian military.
A Ukrainian cryptocurrency exchange claimed to have ceased operations on Russian territory since the outbreak of conflict between the two countries.
WhiteBIT rejects Russia’s claims
In an official statement, WhiteBit said it had completely suspended its activities in the country immediately after Russia invaded Ukraine, pushing back against Russia’s ban.
“Following the start of Russia’s full-scale invasion of Ukraine in 2022, WhiteBIT took a principled stance, blocking all users from Russia and Belarus and discontinuing pair trading with the Russian ruble,” it reads.
The central exchange also pointed out that this decision cost the company about 30% of its user base at the time.
These clarifications came days after Russia’s Prosecutor General announced a ban on WhiteBIT, deeming it an “undesirable organization.”
Russia’s prosecutor general has designated Ukrainian cryptocurrency exchange Whitebit as an “undesirable organization,” alleging that it was used to illegally move funds out of Russia and fund the Ukrainian military. This designation includes WhiteBit’s parent company W Group and its…
— Wu Blockchain (@WuBlockchain) January 25, 2026
The move follows Russian claims that the exchange facilitated illegal funds transfers out of the country and helped fund Ukraine’s military.
Suspected money transfer purported to be a donation
Russian authorities have accused WhiteBIT management of transferring approximately $11 million to Ukraine since 2022. WhiteBit clarified that the funds did not come from within Russia.
“Throughout four years of all-out war, WhiteBIT has contributed approximately $11 million of its own funds to support humanitarian efforts for the Ukrainian Armed Forces and civilians,” the paper said.
Among other allegations, Russian officials claimed that WhiteBIT provided technical assistance to UNITED24, a Ukrainian state-backed cryptocurrency donation platform.
WhiteBIT confirmed that it has collaborated with United24 in enabling Whitepay, a crypto processing service used to facilitate cryptocurrency donations to the platform and other humanitarian foundations in Ukraine.
“WhiteBIT and Whitepay facilitated over $160 million in total crypto donations, supporting both humanitarian and defense-related fundraising.”
The exchange concluded that despite the initial drop in users after withdrawing from the Russian market, its business has grown more than eight times.
Ukraine accelerates use of cryptocurrencies during war
Ukraine has long been an early adopter of cryptocurrencies, but the Russian invasion accelerated adoption significantly.
Individuals are increasingly turning to cryptocurrencies for fundraising and donations, as they offer a faster and more efficient way to get funds where they are needed. This change began even before Russia invaded Ukraine in earnest.
According to a report by Elliptic, NGOs and volunteer groups in Ukraine have created crypto wallets to receive donations, raising over $570,000 in 2021 alone.
Ukraine’s parliament has passed a bill to officially legalize cryptocurrencies by February 2022.
One year after the start of Russia’s war against Ukraine, these numbers increased by approximately 122 times. According to a 2023 Chainalysis report, donations to addresses provided by the Ukrainian government amounted to nearly $70 million.
The use of cryptocurrencies remains widespread among Ukrainians. While the Basic Law legalizes digital assets, authorities continue to work towards comprehensive regulation and a formal tax framework.
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