WhiteBIT has risen amidst the flames of war, with its platform token soaring fourfold in a year, placing its market capitalization among the top three exchanges. What has contributed to its popularity? What untold stories lie behind it?
Written by: Zen, PANews
Recently, WhiteBIT announced a three-year strategic partnership with the Italian football giant Juventus, becoming the club's "official cryptocurrency exchange partner" and "sleeve sponsor." Following the announcement, the price of WhiteBIT's native token WBT surged over 30% within 24 hours, reaching an all-time high, with an annual increase of over 4 times, ranking third in market capitalization among exchanges.
This exchange, which originated in Ukraine and has since relocated to the EU due to the war, has gained fame—what has driven its success, and can it become a true dark horse?
A "Turning Point" in the Russia-Ukraine War
WhiteBIT was established in 2018, initially headquartered in Ukraine, and has since registered in multiple locations across the EU and obtained operational qualifications. Official data shows that the WhiteBIT group currently offers over 600 trading pairs and more than 300 types of crypto assets, with derivative leverage reaching up to 100 times. According to publicly available data from the group, by the end of 2024, the annual cumulative trading volume on the WhiteBIT platform is expected to be around $27 trillion, a year-on-year increase of about 200%, with a total asset scale "capitalization" of approximately $38.9 billion.
WhiteBIT claims to have around 30 million active customers, while other reports indicate that its user base has exceeded 35 million. According to Reuters, WhiteBIT's trading volume even surpasses that of established industry competitors. For instance, in 2024, WhiteBIT's annual trading volume is about four times that of Kraken, which has an annual trading volume of $628 billion.
In its early days, WhiteBIT did not hold a clear regulatory license and provided services in Ukraine under the name of its founder. Before the full outbreak of the Russia-Ukraine conflict in 2022, Russian users accounted for 30% of WhiteBIT's clientele. As Russia launched a full-scale invasion, WhiteBIT immediately ceased all services to Russian individuals and institutions, including shutting down the ruble payment gateway and blocking IP-based access.
After Ukraine fell into the quagmire of war, WhiteBIT moved its headquarters from Ukraine to Lithuania and established subsidiaries in Spain, Poland, the Czech Republic, and other countries, fully integrating with local financial regulatory systems. This move can be seen as a proactive avoidance of geopolitical risks and indirectly laid the groundwork for future registration and transitional authorization as a virtual asset service provider (VASP) through EU member states.
Although user numbers and trading volumes have surged, WhiteBIT's revenue performance has been average. Its subsidiary WhiteBIT UAB (a limited liability company in Lithuania) reported that in 2024, the company's operating income was approximately €15.128 million, with a pre-tax profit of about €4.392 million and a net profit of around €3.764 million. In contrast, Kraken's revenue in 2024 was $1.5 billion, with profits reaching $380 million.
WhiteBIT's founder and CEO Volodymyr Nosov revealed that many members of his team are Ukrainians, and for many of them, this war holds deep emotional significance. Therefore, since the onset of Russia's full-scale invasion, WhiteBIT has been committed to actively supporting Ukraine.
Volodymyr Nosov
In 2022, WhiteBIT signed a "Memorandum of Understanding and Cooperation" with the Ukrainian Ministry of Foreign Affairs to jointly create a "Blockchain Humanitarian Aid Channel." Through this collaboration, WhiteBIT launched a 24-hour global hotline for aid to Ukraine and an intelligent chatbot, providing real-time transfers, information consultation, and material allocation services for Ukrainian expatriates and overseas support teams, ensuring that donations are traceable and transparent throughout the process.
In addition to providing technical support, WhiteBIT has also continued to donate funds during the war. Official statistics show that since February 24, 2022, the group and its founding team have donated over $11 million for humanitarian aid, medical supplies procurement, and living subsidies for families on the front lines.
To some extent, the situation in Ukraine seems to have catalyzed WhiteBIT's global expansion. However, Nosov is also an ambitious crypto founder, who has boldly stated, "WhiteBIT's goal from the very beginning has been to create a platform that can compete with global giants."
Clouds of Doubt Over Actual Control
According to a public report by the Ukrainian independent NGO "NON-STOP Ukraine" (NSU), there are disputes regarding the actual control and funding sources of WhiteBIT. NSU points out that WhiteBIT's founder and CEO Volodymyr Nosov (V. Nosov) is merely a figurehead for the exchange, while the true shareholders are former pro-Russian parliamentarian Dmytro Shentsev and his son Mykyta Shentsev from the Kharkiv region of Ukraine.
The Shentsev Father and Son
The NSU report states that when WhiteBIT was established in 2018, there was no formal legal entity operating, and it later registered multiple shell companies in Estonia, Seychelles, and the UK to evade regulation. Investigations show that WhiteBIT initially conducted business through domestic personal enterprises and affiliated companies in Ukraine (such as SMART 2019 LLC, ETHOMIC GANS RECORDS LLC, etc.), and later registered low-capital companies in EU countries (such as the WhiteBIT Estonia company established in 2019 with a capital of only €12,000). NSU claims that these arrangements help to transfer funds and prevent being bound by Ukrainian regulations, but they may also be used for illegal trading and tax evasion.
Additionally, NSU pointed out that WhiteBIT has been the subject of investigations by Ukraine's anti-corruption agency NABU, suspected of money laundering, tax evasion, and financing terrorism, among other charges. NSU's analysis suggests that Nosov, the "frontman" of WhiteBIT, is merely a representative of the "cryptocurrency expert" image, with the true purpose being to cover up the illegal financial flows controlled by political figures like the Shentsev family. According to NSU, the Shentsev family once held 51% of the shares in WhiteBIT's Estonia subsidiary, which were only transferred to Nosov after March 2023.
NSU's analysis suggests that this maneuver may be intended to obscure the company's connections to Russian funds: Dmytro Shentsev, who holds a Russian passport, has been listed for deprivation of citizenship in Ukraine. It also believes that WhiteBIT still has trading connections with the Russian crypto market, such as an incident in March 2023 where $83 million worth of Bitcoin flowed to the Russian exchange BTC-e.
The NSU report also disclosed cases in which WhiteBIT is suspected of participating in overseas money laundering. NSU pointed out that WhiteBIT was involved in a fund transfer scheme initiated by the Kyrgyz virtual asset exchange Four Dragons: victim funds from Four Dragons were dispersed through "splitting technology," with multiple funds ultimately flowing to WhiteBIT accounts, thereby concealing the source of the funds. Seven months later, WhiteBIT claimed to have frozen the relevant funds and cooperated with the investigation.
According to information released by NSU in March this year, new intelligence indicates that Ukrainian law enforcement has listed WhiteBIT founder Nosov as a suspect and issued an international arrest warrant. In early 2025, there were reports that the parties involved reached a settlement with the investigators, and the case was temporarily halted; however, it was later reopened for review by the Kyrgyz National Security Committee. NSU also stated that it has submitted complaint materials to domestic and international regulatory bodies such as the EU, FATF, IOSCO, and payment networks like Visa, Mastercard, and SWIFT, demanding a thorough investigation into WhiteBIT's suspicious activities.
It is important to note that NSU is a civil investigative organization that claims to be a "volunteer human rights organization," with a mission to combat corruption and expose pro-Russian forces. Its reports have a clear stance, primarily focusing on revealing corrupt practices with "pro-Russian" backgrounds. Currently, NSU is not an official law enforcement agency, and its investigative conclusions have not been subjected to court review and are met with external skepticism. Therefore, NSU's accusations should be viewed with caution, as they can only be considered a viewpoint rather than confirmed facts.
Token Surges Over 4 Times in a Year, Does Sports Sponsorship "Work"?
In a turbulent market where altcoins are generally declining, WhiteBIT's token WBT has performed exceptionally well. Coingecko data shows that its annual increase has reached 421%, with a monthly increase of 63%. Following the announcement of the partnership with Juventus on June 16, it even surged 30% in a single day, setting a new all-time high.
Currently, WBT's market capitalization ranks third among exchange tokens, only behind Binance (BNB) and Bitfinex (LEO), surpassing Bitget, OKX, and Cronos. According to Coingecko statistics, in terms of 24-hour spot trading volume among exchanges, WhiteBIT ranks only 27th, with daily trading volume less than one-tenth of Binance, approximately half that of Bitget and OKX. Considering WhiteBIT's trading volume and influence in the market, its token indeed has a high premium, primarily due to the main trading volume occurring on its own exchange, with controllable liquidity, and ongoing brand collaborations serving as direct drivers of the token price.
Like other leading exchanges, sponsorship of major events has become an important marketing strategy for them to enhance visibility and brand endorsement.
In December 2022, WhiteBIT established a global partnership with the La Liga giant FC Barcelona. As a global partner of FC Barcelona, WhiteBIT not only advertised in match venues and on LED billboards but also launched a blockchain online course ("Game-Changing Tech" blockchain knowledge course) in collaboration with the Barça Innovation Hub (BIHUB). Additionally, WhiteBIT announced its sponsorship of the Ukrainian national football team and formed a partnership with the Turkish football club Trabzonspor. These collaborations align with WhiteBIT's market positioning as a "leading exchange in Europe," enhancing brand awareness during sports events such as the FIFA World Cup.
In the esports sector, WhiteBIT partnered with the well-known esports platform FACEIT to host global gaming competitions and prize events. In November 2022, WhiteBIT and FACEIT jointly launched a $1 million CS:GO community championship for "Counter-Strike: Global Offensive." The tournament featured renowned teams and gaming celebrities such as NAVI and NiP, distributing USDT prizes to esports players.
WhiteBIT also attracts traders through online trading competitions and user incentive activities. For example, in May 2025, WhiteBIT held the inaugural "International Crypto Trading Cup" (ICTC 2025) global event, where top traders from around the world competed and showcased their real-time trading strategies to viewers via television broadcasts. The event was ultimately aired on the LED screen at the venue of the Barcelona vs. Real Madrid derby. Furthermore, WhiteBIT regularly hosts online competitions such as the "Trading Time: Barcelona Ticket Challenge," offering rewards like FC Barcelona tickets to top traders.
For WhiteBIT, commercial sports partnerships and token performance are the first steps to gaining visibility, but there is still a long way to go to establish a foothold in the highly competitive cryptocurrency exchange arena.
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