"I see growth areas where everything seems stable," an interview with the CEO of the WhiteBIT crypto exchange

While Ukraine has been discussing for the fifth year legalization of the crypto market WhiteBIT, Europe's largest crypto exchange with Ukrainian roots, has entered the US market. It has also launched asset tokenization projects in the Middle East.The latter is a state-level project. WhiteBIT, founded seven years ago by Ukrainian entrepreneur Volodymyr Nosov, is developing a digital currency together with the central bank of Saudi Arabia. The company is part of the global fintech ecosystem W Group, which has 35 million clients from 150 countries.Nosov told Iryna Kolesnik how he brought his company to the USA, when WhiteBIT will present the first version of its digital currency, and about the crypto market in Ukraine. Entry into the US and Saudi ArabiaIn 2025, WhiteBIT simultaneously entered two fundamentally different markets – the USA and the Middle East. Why did you decide to scale in these two directions?The USA is a goal we have been working towards throughout the seven years of WhiteBIT's existence. It is the largest financial market, it is very tough and has many nuances. Currently, there are over 4000 banks and only five to ten classic cryptocurrency companies, which are represented as exchanges.This market is not saturated. We have a huge financial agglomeration and a very large prospect in terms of representation in the cryptocurrency environment. All our developments, designs, and the path we have taken from day one have been aimed at the US market.Read alsoIs crypto winter near? Why are cryptocurrencies getting cheaper and how long will the market be down?As for Saudi Arabia, this market does not have a fully established regulation, and what we are building in the Middle East is a unique case, because no one has implemented similar blockchain projects here before us. WhiteBIT will be the first company to digitize and tokenize a huge range of Middle Eastern assets.What is WhiteBIT?WhiteBIT — the largest European crypto exchange by traffic, part of the global fintech ecosystem W Group. Founded in 2018 and an associate member of the Diia.City United Technology Business Union. W Group has over 35 million clients from 150 countries and implements advanced Web3 solutions for business, charity, and government initiatives. The group of companies employs over 1,300 people and has 15 locations worldwide. How much did it cost you to enter each of these markets separately?It's difficult to quantify the investment with a single figure, as all seven years of development and team building were essentially investments in entering the United States market.In the USA, there is a separate independent company, WhiteBIT US, with its own team and C-level management (senior management of the company, editor's note), which in itself is financially costly.Our main investment is the technology we brought to the American market. When it comes to innovation, the price tag skyrockets. If we're talking about an approximate monetary value, yes, it can be estimated at several tens of millions of dollars.How is the work progressing in Saudi Arabia?A working group has been created, which, at the level of local specialists and our team, is building a step-by-step flow for projects on the tokenization of real assets and the creation of infrastructure for a central bank digital currency (CBDC).I think that in the first quarter of 2026, we will move directly to implementation.When is the final product? We plan to implement the first full-fledged MVP (the first working version of the product with a minimal set of functions, editor's note) in 2026. This will not be the final version, as the project will develop gradually, but a working version that can be actually used will appear this year.Ukraine too. worked on CBDC, but for now it's in a "pilot" mode, but we don't see any concrete results. What is holding Ukraine back from moving from a pilot CBDC to a real implementation today?Today, Ukraine is held back from any processes within blockchain and cryptocurrencies by the lack of regulation. When regulation appears, commercial projects will be launched first, and then at some point, it will come to CBDC.What awaits the Ukrainian crypto market? Which markets currently generate the main share of WhiteBIT's revenue, and how is this balance changing amid the expansion into the US and activity in the Middle East?The key market for us is the European Union, but in the future, I think it will be the USA.What share of WhiteBIT's revenue today comes from Ukraine?It's very insignificant, and compared to 2020, it has dropped significantly. Today, Ukraine is not a key market for us. It's not that the economic situation in Ukraine has worsened, but rather that the company has chosen to focus on international expansion.Public assessments of Ukraine's crypto market vary. How do you assess the real scale of the Ukrainian market?Many cryptocurrency transaction evaluations often appear manipulative, as it's unclear where the figures come from. There are rankings, but no methodology.Currently, Ukrainian users work with a wide range of completely different platforms. The data of these platforms and users are closed. It is impossible to collect this database in order to assess the real activity of customers.It can be said with certainty that Ukraine is definitely not lagging behind in terms of transaction volumes and activity. The fact that we are in the top 10 or top 15 in Europe is a fact, because the market is alive and active, but it is impossible to name specific exact figures.Verkhovna Rada supported In the first reading, draft law No. 10225-d on the legalization of the virtual asset market and taxation rules was adopted. However, there are still active discussions around it. In your opinion, what regulatory model would be the best?Discussions have been ongoing for five years. Together with our partners in the high-tech business, we are trying to convey our positions through various business organizations and unions, including Diia.City.United. My team and I provided our recommendations and amendments to this draft law. As for the regulator, both the National Bank and the Ministry of Digital Transformation have many professional specialists who are well-versed in the topic of crypto assets.Read alsoTens of billions of hryvnias. How much Ukraine is losing on untaxed cryptocurrencyWhat is the biggest risk you see at the stage of finalizing this draft law?It is very important for the country that a law on the regulation of virtual assets has finally appeared. Of course, it may not be perfect at first. But the law will open up opportunities for discussion, create a platform for a legal start of operations in Ukraine, and attract investments and new tax revenues to the country.Read alsoUkraine has lost two positions in the global ranking of crypto asset adoption.And then we will gradually improve the processes, because we cannot become like, say, Dubai in a year. We will have our own path.If it is adopted, will you increase your investments in Ukraine?Absolutely. For me, this is important both from a patriotic standpoint, because we were born here, and from the perspective of financial potential. It's important that within the framework of regulation, we will be able to work with the Ukrainian market and businesses, creating powerful collaborations. Of course, these will be very large investments in Ukraine.Read also€15 million in investments and expectations of an economic boom. Estonian fintech enters Ukraine. What are the plans?Results of last year and plans for 2026Speaking of WhiteBIT's financial results for 2025, were they higher or lower than internal expectations, and what was the biggest factor influencing this result?I have a critical view of things, so I often see areas for growth even where everything seems stable.Financially, as in previous years, we are growing in terms of trading volumes, number of clients, and products. And 2026, it seems to me, could be a breakthrough year for us, as new regulations emerge and new markets become available.We are not disclosing how much we earned this year because we are not a public company, but the point is that we reinvest almost everything into our development and expansion.Which products do you consider to be the key drivers of growth in 2026, and can your users expect anything new?In the first half of the year, we will be updating the WhiteBIT mobile app. The app will become more user-friendly and modern.Overall, our product development is already scheduled for approximately 22 months in advance. Both new products and updates to the existing functionality are planned.How do you see the crypto market in a two-year horizon?There is one trend: the maximum penetration of blockchain and cryptocurrencies into everyday life. Cryptocurrency will be everywhere – in familiar banking applications, in services, in payments. At some point, people will simply start paying with cryptocurrency, just as they now do with a card or phone.This will happen for two reasons. First, full-fledged regulation will emerge, and it will only deepen. Second, cryptocurrency was created not for a "gray area" or financial anarchy, but for controlling financial flows.Read also"The biggest money is made by those who buy when everyone is selling out of fear." An interview with a crypto investor.What takes years to track in the traditional banking system can be tracked in minutes in crypto through on-chain (all transactions and data directly recorded in the blockchain and stored there permanently, editor's note) and AML procedures (a set of checks and rules to prevent money laundering and financing of illegal activities, editor's note).Therefore, all talk about cryptocurrency being about money laundering or shadow schemes is unprofessional. It is a tool for total, transparent control. And that is why in the coming years, cryptocurrency will penetrate literally everywhere.

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