TechFlow News, January 25: According to Bitsmedia, Russia’s Prosecutor General’s Office has designated the Ukrainian cryptocurrency exchange WhiteBit as an “undesirable organization.” The regulatory body alleges that the exchange has been used to illegally transfer funds out of Russia—including to finance the Ukrainian Armed Forces. Russia has also added WhiteBit’s parent company, W Group, along with all its affiliated and subsidiary entities, to the list. The Prosecutor General’s Office stated that, since 2022, WhiteBit’s management has transferred approximately $11 million to the Ukrainian military, including about $900,000 earmarked for drone procurement. It further alleged that the platform collaborated with Ukraine’s Ministry of Foreign Affairs to provide technical support to the United24 cryptocurrency donation platform.
Currently, no cryptocurrency exchanges are registered under Russian law. The Central Bank of Russia aims to finalize legislative amendments regulating cryptocurrency exchanges and traders by July 1. Starting July 1, 2027, the Central Bank plans to hold cryptocurrency market intermediaries legally accountable for illicit activities.
