Russia labels crypto exchange WhiteBIT as ‘undesirable’
Russia has officially banned Ukrainian-founded cryptocurrency exchange WhiteBIT, escalating efforts to crack down on firms it says are supporting Ukraine’s war effort.
The country’s prosecutor general designated WhiteBIT and its parent company, W Group, as “undesirable organizations,” a legal label that criminalizes any activity involving the firm in Russia.
Russian authorities accused the exchange of building “gray schemes” to channel funds out of the country and supporting the Ukrainian military through financial and technical infrastructure since the start of the war in February 2022.
WhiteBIT, founded in 2018 by Ukrainian entrepreneur Volodymyr Nosov, said in a note shared with CoinDesk that the decision reinforces its…
