Choosing a crypto exchange is harder for a Ukrainian than it seems: the law on virtual assets has still not come into force, so the state licensing of exchanges that it provides for does not yet exist. That is why the selection criteria have to be formulated independently. Below are eight questions to answer before your first top-up, and where to look for the answers. At the end, there is a table of facts about WhiteBIT and Binance from their official pages as of 13 October 2026. This is not a rating: we do not assign scores.
This material is for information only and is not investment advice.
Why Ukraine Has No “Licensed Exchanges”
The Law “On Virtual Assets” (No. 2074-IX of 17 February 2022) has the status “Not yet in force” on the Verkhovna Rada website. It will take effect together with the law amending the Tax Code. Bill No. 10225-d was adopted in principle on 3 September 2025, and as of 13 October 2026, its card shows the status “Being prepared for second reading”. Therefore, the state system of exchange licensing that the law provides for does not yet exist. So check which licenses or registrations in other countries the exchange claims, and verify them in the registries of those countries.
1. Hryvnia: How to Deposit and Withdraw
For a Ukrainian, this is one of the most important practical criteria. Check which methods are available specifically for hryvnia, who actually receives your money, and who pays the payment provider’s fees.
For example, on WhiteBIT, the Card Transfer deposit is handled by the exchange’s P2P partner: you transfer money to its card against an invoice that has been generated. There is also the Quick Top Up card purchase and P2P Express. On Binance, in the help article on buying by card (updated 9 December 2025) we did not find hryvnia in the list of currencies, but there is a P2P market for hryvnia, where, under the platform’s policy, the buyer pays the payment provider’s fees.
Where to look: the exchange’s help center (sections on deposits and withdrawals) and the fees page.
2. P2P: Is the Deal Protected?
If you buy from another person, you need a mechanism that reduces the risk of fraud. Check whether there is escrow (blocking the seller’s crypto for the duration of the deal), whether there is an appeal process, what the rules are for third parties, and who is responsible for disputes.
Binance P2P describes escrow, appeals and rules: payments only from an account in your real name, a ban on payments to third-party accounts, and the platform is not a party to the deal. On WhiteBIT, the P2P Express feature works through a third-party P2P service, and according to the help center, the exchange itself is carried out outside the exchange.
Where to look: the P2P users’ policy and the section on appeals and disputes.
3. Who Legally Provides the Service
An exchange is often a group of companies: one accepts fiat money, another handles crypto operations, and a third develops software. This is visible in the user agreement.
According to WhiteBIT’s user agreement, all crypto operations related to the exchange’s products are carried out by WhiteBIT Global company, Peak Horizon Corp. (Panama), while fiat operations through payment partners are handled by WB Technologies AG (Switzerland, supervised by VQF). The agreement also names group companies in Lithuania, Poland and other countries.
Check the registries separately. In the temporary MiCA register kept by ESMA (updated 7 October 2026), there is an entry for WhiteBIT EU: WB-Shields Innovations GmbH, supervised by the Austrian FMA, with an authorization notification date of 18 June 2026. This relates to the European service whitebit.eu. The global service’s agreement names other companies in the group, so read which one serves you.
Where to look: the “User agreement” section on the exchange’s website and the ESMA register.
4. Account Protection
The minimum to require: two-factor authentication, an anti-phishing code in emails, a whitelist of withdrawal addresses and management of active sessions. WhiteBIT’s help center lists two-factor authentication, passkeys, anti-phishing, a whitelist of withdrawal addresses, device management and automatic logout. For withdrawals to a card, WhiteBIT sends a code by email, which is valid for 180 seconds, and additionally asks for the 2FA code if it is enabled. For P2P, Binance requires identity verification, SMS confirmation and at least one two-factor authentication device.
5. Fees: All of Them, Not Just Trading
Make a complete list: the trading fee, the deposit fee for each method, the conversion fee and the withdrawal fee on the network. WhiteBIT and Binance list the same base spot fee of 0.1% for makers and takers. On Binance, paying the fee in BNB reduces it by 25%, to 0.075%. However, the full cost also depends on the deposit method and the withdrawal network. The withdrawal fee on WhiteBIT depends on the blockchain fee and the asset price and may change without notice.
6. Verification, Limits and Restrictions
Check what is required for deposits and withdrawals, which verification levels exist, and for which countries the service is closed. WhiteBIT states that without verification only demo tokens are available, while deposits, withdrawals and “Buy Crypto” require it. The list of countries and territories whose documents the exchange does not accept includes “temporarily occupied territories of Ukraine”. If you are there or have documents from there, find out about the restrictions in advance.
7. Transparency: Reserves, Audits, Certificates
It is useful to check what exactly the exchange publishes about reserves and audits, and whether the auditor and the date are named. In its documentation, WhiteBIT lists ISO 27001, PCI DSS Level 1 and CCSS Level 3 certifications (audit by Hacken), but gives certificate numbers only on request. In its security help article, the exchange states that it keeps 96% of assets in cold wallets and has an insurance fund. These are the exchange’s own statements. Even within its materials there are inconsistencies: the security help article says the PCI DSS audit is in progress, while the documentation specifies PCI DSS Level 1. Therefore, verify claims against documents, not against advertising.
8. Support, Language and Rules
Find out whether there is support in Ukrainian, how quickly it responds, whether there is an official status page, and whether the rules for restricting an account are described transparently. For example, WhiteBIT’s agreement warns that an account may be used only by the person it is registered to, and the exchange may restrict or close it if it suspects that another person is using it.
Table of Criteria: What to Check
| No. | Criterion | What to check | Where to look |
|---|---|---|---|
| 1 | Hryvnia | Deposit and withdrawal methods, who receives the money, whose fees apply | Exchange help center, fees page |
| 2 | P2P | Escrow, appeals, rules for third parties | P2P users’ policy |
| 3 | Legal entity | Which company provides the service, registries and licenses | User agreement, regulators’ registries |
| 4 | Account | 2FA, passkey, anti-phishing, withdrawal address whitelist | Security help article |
| 5 | Fees | Trading, deposit, withdrawal, network | Fees page, date of update |
| 6 | Verification | Levels, limits, country restrictions | KYC help article |
| 7 | Transparency | Reserves, audits, certificates, reporting | Documentation, company reports |
| 8 | Support | Language, channels, blocking rules | Help center, user agreement |
Facts about WhiteBIT and Binance from Their Official Pages
| Criterion | WhiteBIT | Binance |
|---|---|---|
| Hryvnia | Card Transfer through a P2P partner, Quick Top Up by card, P2P Express | No hryvnia found in the list of currencies for buying by card (help article of 9 December 2025); P2P is available |
| P2P | P2P Express: third-party P2P service, no separate fee | P2P marketplace with escrow, appeals and rules; the platform is not a party to the deal |
| Spot fee (basic) | 0.1% taker, 0.1% maker | 0.100% taker, 0.100% maker, with a 25% discount for paying in BNB |
| ESMA register (MiCA, service providers, 7 October 2026) | There is an entry for WhiteBIT EU (WB-Shields Innovations GmbH, Austria) | No entry found |
| Account protection | 2FA, passkey, anti-phishing, withdrawal address whitelist | For P2P: verification, SMS and at least one 2FA device |
| Verification | Without it only demo tokens; levels basic, pro, advanced | Identity verification is required for all users |
Important. The absence of an entry in the ESMA register does not mean that an exchange is banned or unreliable: this register concerns authorization under EU rules. For you, it matters more which group company provides the service to you and under which jurisdiction.
Risk. No criterion guarantees the safety of funds. Keep on the exchange only the amount needed for trades, not all of your savings.
Frequently Asked Questions
Are there licensed crypto exchanges in Ukraine?
The law on virtual assets (No. 2074-IX), which introduces regulation, has the status “Not yet in force” on the Verkhovna Rada website, so there is no licensing system under this law yet. Check the licenses and registrations of companies in other jurisdictions.
What is MiCA and why does it matter to Ukrainians?
MiCA is the EU regulation on markets in crypto-assets. According to ESMA’s description, it establishes uniform rules for the crypto-asset market in the EU, in particular for asset-referenced tokens and electronic money tokens. For Ukrainians, this matters if you live in the EU or plan to: MiCA rules may restrict certain assets and services, such as USDT, as WhiteBIT’s documentation points out.
Where can I check whether an exchange is in the ESMA register?
On ESMA’s page about MiCA there is a temporary register in the form of CSV files, including the list of crypto-asset service providers. ESMA updates it weekly; as of 13 October 2026, the latest update was dated 7 October 2026. ESMA plans to move the register to its own systems, so check the current location on its page.
Can I use several exchanges?
Yes. This lets you compare conditions and not depend on a single service. But each one requires separate verification, and your funds get spread out. Keep amounts that are easy to track.
How can I assess an exchange in five minutes?
Open the user agreement and find the legal entity, check the date and base percentages on the fees page, find the hryvnia deposit and withdrawal methods and the P2P rules in the help center. If these pages are missing or contradict each other, that is a reason to stop.
