Russia’s Prosecutor General has labelled Ukrainian crypto exchange WhiteBit an “undesirable organisation,” effectively banning its operations in the country.
Authorities accused WhiteBit and its parent firm W Group of facilitating illegal fund transfers out of Russia and financing Ukraine’s armed forces.
Local media reported that Russian officials claim roughly $11 million was transferred to Ukraine via the platform since 2022.
Prosecutors alleged that nearly $900,000 of those funds were used to purchase drones for Ukraine’s military.
The exchange was also accused of providing technical support to United24, Ukraine’s state-backed crypto donation platform.
Officials claimed WhiteBit was involved in “shadow schemes” to move funds and support other illicit activities.
Founded in 2018, WhiteBit has said it serves more than 8 million users globally with multibillion-dollar daily trading volumes.
The ban comes as Russia accelerates efforts to tighten crypto regulation and licensing standards.
The Bank of Russia has proposed new licensing rules for exchanges and digital depositories, alongside stricter prudential requirements.
Regulators said the framework aims to support legal crypto activity while penalising intermediaries involved in illegal operations.
Russia also plans to cap crypto investments by non-professional investors at strict annual limits.
“To minimise risks, the central bank and I plan to limit the volume of such transactions and investments in the crypto market,”
Anton Siluanov said.
Draft legislation regulating digital currencies is expected to be submitted to the State Duma in the first half of 2026.