Volodymyr Nosov, WhiteBIT: Australia is another stage of our mission to spread the blockchain globally

Australia is a country of ardent fans of cryptocurrencies and people familiar with the latest trends in the global financial market. Given these features, Europe's largest cryptocurrency exchange, WhiteBIT, has recently announced plans to scale its business on the Australian continent. We met with the company's founder and CEO, Volodymyr Nosov, to get an expert assessment of the prospects of our crypto community and to hear the development strategy of a new player in the Australian crypto market.

WhiteBIT, Europe's largest cryptocurrency exchange, recently announced its intention to join the Australian cryptocurrency market. What is the purpose of doing business in Australia?

Indeed, our WhiteBIT exchange is now the largest in Europe. The team unites more than 600 participants. In the spring, we made a strategic decision to join the introduction of blockchain technology on the Australian continent. Opening an office becomes an excellent opportunity to work with a new audience, as the Australian audience has a different mentality and is more familiar with cryptocurrency markets. In addition, Australia is a financial center for Asia. The plans are to work on further developing the welfare and economic freedom of Australians and Asians and developing and significant expansion of the crypto community in these areas. It is the next stage in implementing our mission of mass distribution of the blockchain in the intercontinental dimension.

I know this stage was preceded by the expansion of WhiteBIT's business on the European continent?

Yes, once our project started in Ukrainian Kharkiv, which is currently being brutally shelled by the Russian military. Even before the war, we already had Estonia, Lithuania, and London offices. The opening of a WhiteBIT office in Australia is the next step following the company's recent business expansion in Spain and Turkey.

Unfortunately, due to the war, the planning horizon of our business in Ukraine is still very narrow. Therefore, given the prospects for developing the blockchain in Spain and observing the high involvement of Spaniards in cryptocurrency activity, we decided to pay special attention to our activities in the Spanish market. WhiteBIT is currently headquartered in Valencia with more than 300 specialists - most of whom are blockchain developers.

In addition, our company has long-established cooperation with Turkish business. First, we are talking about Lifecell, a subsidiary of Turkcell, the largest cellular operator in Turkey. In collaboration with Turkish partners, we have developed products combining the best achievements of the telecommunications and cryptocurrency industries.

What are the benefits for WhiteBIT in the Australian market?

We knew that Australians have been at the forefront of global technological progress. In addition, Australians are very well versed in finance. Recent research has shownthat Australians are among the most enthusiastic supporters of cryptocurrency. Almost one in five Australians, or 18%, owns a crypt, compared to the world average of 11.4%.

That's why we decided first to create a financial hub in Melbourne. The financial license required for the implementation of this project has already been obtained. In addition, we are preparing to offer the Australian crypto community our unique solutions that have proven most effective in other markets.

First, we are talking about the tools in demand in the B2B segment. Moving in line with the ongoing interaction with local businesses, we will cover the financial sector, the telecommunications industry, and the gaming industry. WhiteBIT Australia is already assembling a team of Australian experts and like-minded people.

Looking forward to collaborating with Australian people in business, have you already enlisted their support?

Of course. We also clearly understand the specifics of the Australian crypto market and a step-by-step action plan. During my recent visit to Australia, I was in three country regions. He visited Sydney, Canberra, and Melbourne and held many meetings with local businesses, including financial sector representatives. He has received significant support from Australian government officials and regulators. In addition, we had close contact with the Ukrainian Embassy in Australia. During all the events that took place during the visit, WhiteBIT has consistently reaffirmed its interest in developing the Australian crypto industry. We also believe in a mutually beneficial tripartite dialogue between the state, business, and users of our cryptocurrency exchange.

What examples of such dialogue can you give?

At the end of last year, the Australian authorities signaled that the government intends to regulate the digital asset market. The new rules will expand the definition of services and products that can be controlled, removing cryptocurrencies and digital assets "from the shadows." Innovations will be introduced gradually over the next three years. The Australian government also announced upcoming meetings and consultations with cryptocurrency industry experts and representatives on the most environmentally friendly and effective government intervention in crypto markets.

Here I must mention the Ukrainian law on the crypto market, which President Volodymyr Zelensky recently signed. With this document, Ukraine began the process of legalization of cryptocurrencies and formulated vital concepts and rules of the game. In the future, bylaws will be worked out, which will detail the newly created legislative field. In turn, WhiteBIT specialists are in constant dialogue and consultation with experts and officials in this legislative activity. Similar processes, by the way, are now underway in Turkey, where WhiteBIT has also been actively involved in developing Turkish cryptocurrency. Therefore, we look forward to a fruitful dialogue with the Australian authorities on the future legalization of the local crypto industry.

That is, it is about the interaction of business and government in matters of state regulation. And what place in the tripartite dialogue, which you mentioned, is given to the user?

WhiteBIT is an official partner of the Ministry of Foreign Affairs and the Ministry of Digital Transformation of Ukraine. In cooperation with these government agencies, we have successfully implemented projects in the blockchain and cryptocurrency transactions field. For example, thanks to the integration with the state service "Diia," any Ukrainian user can pass the verification (KYC) on our exchange in less than 1 minute. Let me remind you that this procedure usually requires filling out a questionnaire, scanning documents, and some time to verify the data.

By the way, an important event in implementing the announced projects in Australia was the recent participation of our company in the industry conference fintech 21, which took place in Melbourne. There we, in real-time, showed visitors fintech 21 the speed with which you can pass KYC on our online platform. You know, at first, people just didn't believe that such simplified access was possible at all.

What other benefits besides speed verification will you offer to users in Australia?

WhiteBIT is one of the world's top 2 security exchanges based on an independent audit. Two-factor authentication and anti-phishing programs protect every WhiteBIT crypto wallet and account. More than 96% of all currencies are stored in cold wallets. We also use the WAF web application firewall to detect and block hacker attacks.

The technologies we have introduced on our platform are the most advanced globally. The global crypto community assesses our online platform - over the last year, the active audience of WhiteBIT has grown 20 TIMES. We are confident that many years of experience will allow WhiteBIT to expand the number of users on the Australian continent.

You often mention Ukraine, from which the scaling of your cryptocurrency exchange began. How do you support the Motherland in these difficult times for it?

In answering this question, I want to mention the benefits of business and government interaction for ordinary citizens again. Thus, the cooperation between WhiteBIT and the Ukrainian Foreign Ministry has made it possible to help Ukrainians who are forced to seek refuge from the war abroad. Our cryptocurrency exchange provides comprehensive organizational support for the consular service of Ukraine in those countries where we have our offices. We also agreed to help the Foreign Ministry's Anti-Crisis Center and the 24-hour call center, which provides consultations to Ukrainian citizens.

In general, WhiteBIT gives Ukraine everything it can. In the first hours of the invasion, we have already organized a Relief Fund, which has raised another $ 1.5 million. Currently, a significant part of our team is in Ukraine. WhiteBIT staff is in constant contact with volunteers from Kharkiv and Kyiv regions. These communities are most affected by occupation and shelling and have the most acute problems with clothing, food, and medicine. In total, during the three months of the war, our company allocated more than $ 2.5 million to help fellow citizens.