Russian authorities label crypto exchange WhiteBIT as 'undesirable'
The Estonia-based crypto exchange WhiteBIT has been declared an 'undesirable organization' in Russia due to its support for Ukraine's military efforts. This decision is the latest step by Russian authorities to tighten control over financial flows related to the war in Ukraine.
According to CoinDesk, WhiteBIT has donated over $11 million to the needs of the Ukrainian army and processed more than $160 million in donations from individuals and legal entities. Such open support for Ukraine by one of the largest crypto exchanges in the region has provoked a harsh reaction from Moscow.
Inclusion of WhiteBIT in the list of 'undesirable organizations' means a ban on its activities in Russia, asset freezes, and criminal liability for citizens cooperating with the exchange. This is a serious blow to Ukraine's financial capabilities, as many Russian crypto enthusiasts and investors used WhiteBIT to make donations in support of the Ukrainian military.
Experts note that the pressure on crypto platforms supporting Ukraine is part of a broader Russian strategy to limit the financial resources available to Kyiv. However, cryptocurrencies, as a decentralized system, still remain a complex instrument for the state to exercise full control over.