WhiteBIT denied the allegations of the Russian Attorney General, who accused it of facilitating illegal money transfers out of Russia to support the Ukrainian army.
In this regard, the cryptocurrency exchange in Ukraine confirms that the company has ceased operations in Russian territory since the outbreak of war between the two countries.
WhiteBIT denies the allegations from Russia.
In an official statement, WhiteBIT responded to the ban from Russia, stating that the company completely ceased operations in that country shortly after Russia invaded Ukraine.
After Russia began its full-scale invasion of Ukraine in 2022, WhiteBIT clearly stated its position by blocking all users from Russia and Belarus, as well as terminating all trading pairs with the Russian ruble.
Additionally, the centralized exchange indicated that this decision caused the company to lose about 30% of its users at that time.
These clarifications came after the Attorney General of Russia announced a ban on WhiteBIT within a few days, classifying it as an undesirable organization.
This move followed Russia's accusations that this exchange facilitated illegal money transfers out of Russia and supported the Ukrainian army.
There are allegations that the transfer amounts are designated as donations.
Russian authorities accused WhiteBIT executives of transferring approximately 11 million USD to Ukraine since 2022, which WhiteBIT clarified that those funds did not come from Russia.
Throughout the four years of full-scale war, WhiteBIT has donated approximately 11 million USD of its own funds to support defense forces and humanitarian projects for Ukrainian civilians.
Meanwhile, Russian officials have also accused WhiteBIT of providing technical support to UNITED24, which is a crypto donation platform supported by the Ukrainian state.
WhiteBIT confirms that it has collaborated with United24 through the use of Whitepay, which is a crypto processing service to facilitate crypto donations to other platforms or humanitarian foundations in Ukraine.
Overall, WhiteBIT and Whitepay have facilitated crypto donations exceeding 160 million USD for both humanitarian aid and defense funding.
Finally, the exchange emphasized that even after losing users in the early stages due to withdrawal from the Russian market, the company's operations have grown more than 8 times.
Ukraine accelerates the use of crypto during the war.
Although Ukraine has been an early adopter of digital currency, its adoption accelerated significantly after Russia invaded Ukraine.
The general public is increasingly turning to digital currency for fundraising and donations, as it is a faster and more efficient way to deliver money to the desired destination. This shift began even before Russia launched a full-scale invasion of Ukraine.
According to a report from Elliptic, NGOs and volunteer groups in Ukraine have created crypto wallets to receive donations, raising over 570,000 USD in just one year in 2021.
In February 2022, the Ukrainian parliament passed a law officially recognizing digital currency.
When the Russia-Ukraine war reached its one-year mark, these figures increased approximately 122 times, with a Chainalysis report in 2023 indicating that donations to wallet addresses provided by the Ukrainian government increased by nearly 70 million USD.
The use of digital currency remains widespread among Ukrainians. Although basic laws have already recognized digital assets, authorities continue to systematically establish regulatory frameworks and tax structures.