The Russian government has banned its citizens from interacting with the crypto exchange WhiteBIT due to the company’s contributions to the Ukrainian military.
WhiteBIT, founded by Ukrainians and headquartered in Lithuania, has donated $11 million to the Ukrainian armed forces since the start of the Russian invasion in 2022.
The exchange has also enabled more than $160 million in donations for Ukrainian defense and humanitarian aid purposes through the Whitepay payment solution, according to Alyona Gorbatkoa PR and communications specialist at the company.
The Office of the Prosecutor General of the Russian Federation assigned the exchange was labeled as ‘undesirable’, preventing Russian citizens from doing business with it.
“WhiteBIT cooperates with the Ministry of Foreign Affairs of Ukraine. Since May 2022, the exchange has provided technical support to the United24 fundraising platform, created at the initiative of the President of Ukraine to collect cryptocurrency donations.”
However, Gorbatko praised the new designation as a badge of honor, noting that WhiteBIT “hasn’t had any Russian users or companies since 2022.”
“In a stunning display of accuracy, Russia has said something true for once: WhiteBIT is ‘undesirable’ – for helping Ukraine.”
WhiteBIT currently ranks 37th in terms of trading volume over the past seven days, according to data from Coin gecko. The company extensive to the United States in December.
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