The Prosecutor General’s Office of the Russian Federation designated WhiteBIT and parent company W Group as “undesirable organizations,” prohibiting the entities from holding bank accounts, transferring funds, or servicing customers within the country.
Russian authorities accused WhiteBIT of helping customers withdraw funds from the country through “gray schemes,” while also supporting “other illegal activities.”
Decrypt has reached out to WhiteBIT for comment.
The authorities said that WhiteBIT’s platform has been used to support the Ukrainian military since Russia’s invasion of the country in February 2022. At times, WhiteBIT has allegedly collaborated with institutions linked to the Ukrainian government, they added.
“Ukraine’s market must be protected from any attempts to let in operators that served citizens of the aggressor state during the war,” he wrote. “No matter how attractive their investments might appear, for such companies, all doors and opportunities must remain closed.”
