WhiteBIT's Alleged Complicated Financial Relationship Exposed

WhiteBIT, a European cryptocurrency exchange, has been accused of having a complicated financial relationship that contradicts its publicly stated pro-Ukraine stance. The exchange, which has cultivated a reputation as a safe and clean alternative to other exchanges like Binance, is now under investigation in Ukraine.

The Ukrainian human rights organization NON-STOP claims that WhiteBIT's actual ownership structure differs from its public face. According to the organization, Dmytro Shentsev and his son Nikita, two former pro-Russian members of parliament, hold a combined stake exceeding 60% of the company.

NON-STOP investigators allege that the exchange was set up specifically to facilitate tax evasion and move funds from undisclosed business interests. They claim that WhiteBIT has continued to serve this purpose during the war, working with both sides of the conflict.

The case is part of a larger pattern financial regulators have tracked since early 2022: cryptocurrency infrastructure being used to move funds around the financial controls imposed as a consequence of the conflict.