Russia has designated Ukrainian cryptocurrency exchange WhiteBit and its parent company as undesirable organizations.

PANews reported on January 25th that, according to Bitsmedia, the Russian Prosecutor General's Office has designated the Ukrainian cryptocurrency exchange WhiteBit as an undesirable organization. The regulator believes the exchange was used to illegally transfer funds out of Russia, including to fund the Ukrainian armed forces. The Russian side also added WhiteBit's parent company, W Group, and all its affiliates and subsidiaries to the list. The Prosecutor General's Office stated that since 2022, WhiteBit's management has transferred approximately $11 million to the Ukrainian military, of which approximately $900,000 was used to purchase drones. The office also alleged that the platform collaborated with the Ukrainian Ministry of Foreign Affairs to provide technical support for the United24 cryptocurrency donation platform.

Currently, no cryptocurrency exchanges are registered under existing Russian law. The Central Bank of Russia hopes that amendments to the law regulating exchanges and cryptocurrency traders can be completed by July 1st. The Central Bank of Russia plans to hold accountable those involved in illegal activities in the cryptocurrency market starting July 1, 2027.