Russia effectively bans WhiteBIT crypto exchange over Ukraine ties

The Russian Federal Service for Supervision of Communications, Information Technology and Mass Media (Roskomnadzor) has implemented measures effectively blocking access to WhiteBIT, a major European cryptocurrency exchange. This regulatory action is widely interpreted as a political response tied to the exchange’s publicly known links and support for Ukraine, compounding the ongoing financial severance between the two nations since the 2022 conflict escalation.

Sources indicate that Russian internet service providers began restricting domain access to WhiteBIT’s primary trading platform following a regulatory warning issued by state bodies. While the specific legal justification cited often revolves around alleged failure to comply with localized data residency laws or anti-money laundering regulations (AML) specific to the Russian Federation, the timing and target suggest a broader geopolitical motivation.

WhiteBIT, known for its extensive presence in Eastern Europe and strong emphasis on the Ukrainian market, has previously taken explicit steps to support Ukraine following the invasion, including substantial donations and implementing stricter compliance measures against sanctioned Russian entities. The platform had begun restricting service availability for users in the Russian Federation earlier this year.

The ban effectively prevents Russian residents from accessing their accounts, performing new trades, or depositing funds directly. Existing users are now forced to utilize virtual private networks (VPNs) or rapidly migrate their holdings to other platforms not yet targeted by Moscow’s expanding digital blockade. This move reinforces the Kremlin’s increasing scrutiny over crypto platforms operating within its borders that maintain ties considered hostile to Russian foreign policy interests.

Source: Russia effectively bans WhiteBIT crypto exchange over Ukraine ties