Whitebeat criticized the Russian ban, reinforcing her pro-Ukraine roots.
Whitby has denied claims by Russia's attorney general that he facilitated illegal money transfers from Russia to support Ukraine's armed forces.
A Ukrainian crypto exchange has stopped operating on Russian territory after a conflict between the two countries.
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WhiteBIT denies the accusations of Russia
In an official statement, Whitby has pushed back against the Russian ban, saying it has completely stopped operating in the country since Russia invaded Ukraine.
In the year Following Russia's full-scale invasion of Ukraine in 2022, Whitebit took a principled stance: it banned all users from Russia and Belarus and suspended trading pairs with the Russian ruble.
The centralized exchange also pointed out that this decision cost the company about 30% of its user base at the time.
The comments came days after Russia's attorney general announced a ban on WhiteBeat, calling it an “undesirable organization.”
The move follows Russia's crackdown on money laundering and the financing of Ukraine's armed forces.
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Suspected transfers are described as donations.
Since 2022, Whitebit management has accused Whitebit management of transferring about $11 million to Ukraine. In response, Whitebit clarified that the money did not come from Russia.
“Throughout the four years of the war, Whitby has donated nearly $11 million of its own funds to support the Ukrainian defense forces and humanitarian efforts for civilians,” he said.
Among other allegations, Russian authorities said WhiteBit provided technical support to the Ukrainian government-backed crypto donation platform UNITED24.
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Whitebit has confirmed that it is working with United24 to enable a cryptocurrency processing service that will be used to facilitate cryptocurrency donations for the platform and other humanitarian foundations in Ukraine.
“Together, WhiteBit and WhitePay have facilitated more than $160 million in funding for people and defense-related fundraising.”
Despite the exchange's first loss of users since exiting the Russian market, its business has grown more than eightfold.
Ukraine accelerates the use of Crypto in times of war
Although Ukraine was an early adopter of cryptocurrencies, adoption has increased significantly since the Russian invasion.
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Individuals are turning to cryptocurrencies to fundraise and donate as they offer the fastest and most efficient way to deliver funds where they need to be. This change began before Russia completely invaded Ukraine.
According to Elliptic, Ukrainian NGOs and volunteer groups have created crypto wallets to receive donations, raising more than $570,000 in 2021 alone.
In the year In February 2022, the Ukrainian parliament passed a law legalizing cryptocurrencies.
A year after Russia went to war with Ukraine, these figures increased by almost 122 times. According to the 2023 Chinalysis report, donations to Ukrainian government-issued addresses have grown to $70 million.
Cryptocurrency usage continues to be widespread among Ukrainians. While the Basic Law legalizes digital assets, authorities continue to work toward a comprehensive regulation and formal tax framework.
