The Russian Federation has officially designated the cryptocurrency exchange WhiteBIT as an ‘undesirable organization,’ citing the company’s alleged involvement in financing and materially supporting the Ukrainian military and other entities hostile to Russia. This move, announced by the Russian Prosecutor General’s Office, effectively bans the exchange from all operational activity within Russian territory.
The designation places WhiteBIT on a blacklist usually reserved for foreign non-governmental organizations and media groups perceived as undermining Russian national interests or security. According to Russian federal law, an organization deemed undesirable is prohibited from conducting transactions, holding bank accounts, disseminating information, or partnering with any Russian citizen or entity. Any cooperation with the banned entity can lead to criminal or administrative charges for Russian nationals.
The decision is a direct result of WhiteBIT’s perceived stance on the conflict. The exchange, which has Ukrainian roots and a significant international presence, has been accused by Russian authorities of funneling funds towards the Armed Forces of Ukraine (AFU) and groups sanctioned by Moscow. While WhiteBIT has positioned itself as a compliant European exchange, the ban highlights the increasing politicization of the crypto sector.
For Russian residents, the designation necessitates the immediate withdrawal of funds and termination of service usage, reflecting a significant restriction on their access to global crypto markets. This action reinforces Moscow’s strategy of isolating foreign financial services that express solidarity with Kyiv, adding to the growing list of international institutions blacklisted since the commencement of the 2022 invasion.
Source: Russia Bans WhiteBIT, Deeming Crypto Exchange ‘Undesirable’ Over Ukraine Support
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