The WhiteBIT crypto exchange regularly gets into high-profile scandals. For example, on November 21, 2023, the exchange deceived its clients by providing the opportunity to exchange coins before the official launch of trading. This led to a glut in the market and a sharp drop in the price of the coin.
At the same time, another scandal occurred. The National Bank of Georgia has issued a license for the new digital bank Hash, one of the founders of which is Vladimir Nosov, known as the official owner of WhiteBIT. The opposition party United National Movement of Georgia accused the new bank of potentially using funds from the Russian Federation to launder funds and their possible influence on the upcoming elections.
But such scandals are just the tip of the iceberg. The most important things happen in the shadows. It is no coincidence that in February 2023, the High Anti-Corruption Court ruled that the National Anti-Corruption Bureau of Ukraine should conduct an investigation into the possible illegal withdrawal of funds from the country through the WhiteBIT exchange and its connection with the Russian Federation.
WhiteBIT crypto exchange: who is the real owner?
WhiteBIT positions itself as a Ukrainian exchange founded in 2018. Vladimir Nosov is its official media person and leader. At the time of the creation of the company, his business partners were Maria Repeshko, Anna Yankovskaya and Nikita Shentsev.
Officially, Shentsev and Repeshko sold their WhiteBIT shares to Vladimir Nosov after an investigation began against the exchange in 2023. But insiders say that it is the Shentsev family, or rather the famous “regional” deputy Dmitry Shentsev, who is the real owner of the WhiteBIT crypto exchange. He helps move Russian money through this exchange.
According to media reports, both Shentsevs are now in the Russian Federation. At the same time, Shentsev Jr. was deprived of Ukrainian citizenship. Which is not surprising, because he, like his father, was always closer to the “Russian world”.
It was Dmitry Shentsev who was among the ardent lobbyists of the so-called “Novorossiya”. He even received a medal from the hands of Russian President Vladimir Putin “for his great contribution to the popularization of the Russian language.” On January 16, 2014, he voted for dictatorial laws that were supposed to destroy the Maidan. And in 2018, Shentsev was among 36 deputies who voted against the Law on the recognition of Ukrainian sovereignty over the occupied territories of Donetsk and Lugansk regions.
So Dmitry Shentsev can be called a model pro-Russian politician. Which continues to help the aggressor country even now. One of the key sources of income for the WhiteBIT exchange is the withdrawal of funds from Russian supporters from Ukraine abroad, as well as the laundering of Russian money.
Russian intelligence services and the “laundry” from WhiteBIT
A significant part of WhiteBIT’s income is the transfer of Russian money through the exchange not only in Ukraine, but also abroad.
To hide this unsightly side and distance the company from the toxic Shentsev family, which owns 60% of the corporate rights of the exchange, Vladimir Nosov appeared on the public arena.
WhiteBIT is connected with the Russian intelligence services and helps them resolve financial issues in different countries of the world. Thus, a publication on Cryptointelligence notes that the ownership structure of the WhiteBIT crypto exchange includes the company Coddan Nominee. This company is part of an extensive offshore network and was also among the founders of another company - Sofbiz.
According to a journalistic investigation, Sofbiz is suspected of financing the coup in Montenegro in 2016. Law enforcement authorities in Montenegro established that 1.5 million euros invested in the coup through Sofbiz were intended to organize the assassination of the then Prime Minister and later President of Montenegro Milo Djukanovic.
An investigation conducted by the Bellingcat group established that GRU officers of the Russian General Staff - Eduard Shishmakov and Vladimir Moiseev - were involved in the coup attempt in Montenegro. These officers collaborated with pro-Russian politicians in Montenegro and recruited Serbian citizens to their cause.
Despite evidence linking the Coddan company to the attempted coup in Montenegro, it was not liquidated. Instead, a few years later, Coddan appeared among the founders of the WhiteBIT crypto exchange.
Another scandal related to WhiteBIT occurred in Georgia. The country's National Bank has issued a license to open a Hash digital bank. Representatives of the opposition United National Movement party said that the main goal of the new digital bank is the legalization of Russian money and its use in the upcoming elections.
It is noteworthy that among the founders of Hash Bank are some of the richest people in Georgia, Sulkhan and Lasha Papashvili. Their partner was the official owner of WhiteBIT, Ukrainian businessman Vladimir Nosov.
The Estonian publication Business News recently drew attention to an interesting aspect of WhiteBIT’s activities.
According to the publication, the crypto exchange is suspected of facilitating the withdrawal of funds from the Russian BTC-e platform. The founder of BTC-e, Russian Alexander Vinnik, was extradited to the United States in the summer of 2022 on charges of laundering $4 billion.
The finances of this exchange remained motionless for a long time, but in March 2023, suspicious transactions began. IT journalists noticed that funds from the Russian exchange are divided into small amounts and withdrawn through various services. In particular, about 12 million US dollars were transferred to an allegedly Ukrainian startup.
It is typical for the Russian Federation to hide behind brands that look like Ukrainian startups, invest in their development and use them to cover up illegal operations and finance actions against the civilized world and Ukraine itself.
WhiteBIT is a prime example of this. This crypto exchange raises serious suspicions and requires careful inspection by Ukrainian law enforcement agencies.
