Summary
- Russian authorities said they have banned transactions with crypto exchange WhiteBIT, citing its support for Ukraine.
- WhiteBIT and its parent company W Group were designated as an “Undesirable Organization,” meaning all related activities in Russia are deemed illegal.
- The global crypto exchange WhiteBIT, founded in Ukraine, reportedly provided at least $11 million in support to the Ukrainian military after the war began.
Russia has banned transactions with the virtual asset (cryptocurrency) exchange WhiteBIT, citing its support for Ukraine.
According to crypto-focused media outlet CoinDesk on the 26th (local time), Russian authorities designated WhiteBIT and its parent company, W Group, as “Undesirable Organizations.” As a result, all activities in Russia related to the companies are deemed illegal.
Russia claimed the firms planned to move funds out of the country after the outbreak of the war in February 2022 and used financial and technical infrastructure to support the Ukrainian military.
WhiteBIT, a global virtual asset exchange founded in Ukraine, is known to have provided at least $11 million in support to the Ukrainian military since the war began. Of this, about $1 million was reportedly used to purchase drones.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
