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PurDentix Alerts Consumers About Fake Listings as Counterfeit Supplement Market Expands

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3 days ago

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SEATTLE, March 24, 2025 /PRNewswire/ —  The surge in online supplement sales has led to a troubling rise in counterfeit products infiltrating e-commerce platforms, deceiving buyers with misleading packaging and false advertising. PurDentix, Bioventra’s brand, a well-established name in health and wellness, is issuing a consumer warning regarding unauthorized resellers distributing imitation versions of its product. The company has identified multiple fraudulent listings across online marketplaces, raising concerns about product authenticity and customer safety.

These counterfeit products often feature altered labeling, incorrect ingredient lists, and tampered packaging, making it difficult for buyers to verify whether they are receiving the genuine formula. Customers who unknowingly purchase from these unauthorized sources risk consuming unverified formulations that do not meet PurDentix’s manufacturing and safety standards. The company urges consumers to protect themselves by ensuring they purchase only from its official website and Bioventra’s trusted retail partners.

Fake PurDentix Listings Increase as Counterfeit Market Grows

Counterfeit supplement sales have surged in recent years, with fraudulent sellers exploiting the demand for reputable brands. PurDentix has detected an increasing number of unauthorized listings on third-party platforms, many of which attempt to replicate the product’s official branding. However, subtle discrepancies in packaging, labeling, and ingredient transparency differentiate these counterfeit versions from the legitimate product.

Many customers have reported variations in quality when purchasing from unauthorized sellers. Some have received products with altered textures, unsealed bottles, and missing security features, raising concerns about their origin and composition. PurDentix’s manufacturer has been actively monitoring these cases, working to identify and eliminate fraudulent listings before they mislead additional buyers.

With an increasing number of complaints surfacing online, concerns over how to distinguish real from fake have led many buyers to reconsider their purchasing habits. PurDentix advises customers to check for security seals, inspect packaging details, and ensure they are ordering directly from the official manufacturer to avoid potential issues.

How Unauthorized PurDentix Sellers Are Deceiving Buyers

Counterfeiters continue to find ways to mislead unsuspecting customers. Many unauthorized sellers offer significant discounts to attract buyers, advertising deals that appear too good to be true. These imitation products often claim to match the legitimate formulation, but independent testing has revealed inconsistencies in ingredients and quality control.

Online marketplaces have also seen an increase in sellers creating fake customer reviews to give the illusion of legitimacy. Many unsuspecting buyers rely on these misleading ratings, assuming the product they receive will meet their expectations. However, complaints have emerged from customers who later realized that the product they received was not the same as the one they had previously purchased from the official source.

PurDentix’s manufacturer has been closely monitoring these unauthorized listings, collaborating with legal teams to initiate action against known counterfeiters. The company remains committed to ensuring that customers receive only genuine products that meet its strict safety and manufacturing standards.

PurDentix Consumer Complaints Over Imitation Supplements

Reports of unauthorized product variations have been increasing, with many consumers expressing frustration over counterfeit purchases. Complaints have surfaced about orders arriving in damaged packaging, missing essential security labels, or containing capsules that look different from the authentic version. Some buyers have noted a lack of effectiveness when using products from third-party sellers, leading them to question whether they had received a counterfeit version.

As fraudulent listings become more prevalent, PurDentix is working to ensure that consumers can quickly verify the authenticity of their purchase. The company is advising buyers to be extra cautious when shopping online and to confirm that their orders come directly from the manufacturer or its approved distribution network.

PurDentix’s Response to the Growing Counterfeit Issue

In response to the increase in fraudulent sellers, PurDentix has taken aggressive action to protect customers and maintain the integrity of its brand. The company has partnered with online platforms to identify and remove unauthorized listings while implementing stricter verification measures for authorized retailers.

Legal efforts are also underway to take action against sellers distributing counterfeit versions. PurDentix is working with industry regulators to pursue legal consequences for those found guilty of intellectual property violations and fraudulent advertising practices.

To further strengthen its brand protection efforts, PurDentix has introduced enhanced security features on product packaging to help customers identify genuine items before use. These updates are designed to make it easier for buyers to differentiate between authentic and imitation versions of the supplement.

PurDentix Expands Retail Access to Combat Unauthorized Sellers

To reduce reliance on third-party marketplaces and prevent unauthorized resellers from infiltrating the market, PurDentix has expanded its direct distribution network. The company has launched new partnerships with select retailers, ensuring that customers have access to genuine products through trusted sources.

An updated direct-to-consumer model has also been implemented, allowing buyers to purchase directly from the manufacturer. This initiative reduces the risk of counterfeit sales while improving the overall customer experience. By expanding availability through verified channels, PurDentix is working to close the gaps that allow fraudulent sellers to operate unchecked.

PurDentix’s Investments in Quality Control and Product Authentication

To maintain high-quality manufacturing standards, PurDentix has invested in improved quality control measures. The company has introduced advanced testing protocols to further enhance product verification, ensuring that each batch meets strict regulatory standards before distribution.

In addition to enhancing internal security measures, PurDentix has implemented a digital authentication system. This system allows customers to scan and verify their product’s authenticity before use, giving them an extra layer of confidence when making a purchase.

By taking these proactive steps, PurDentix is reinforcing its commitment to consumer protection, product integrity, and supply chain transparency.

Final Advisory: How PurDentix Consumers Can Ensure Authenticity

PurDentix urges consumers to remain cautious and purchase only through official sources. The manufacturer’s website and verified retail partners are the only guaranteed places where buyers can be assured they are receiving the legitimate product.

Customers should be wary of steeply discounted offers from unverified sellers, as counterfeiters frequently use pricing manipulation to deceive buyers. If there are concerns about the authenticity of a product, consumers are encouraged to contact PurDentix’s customer support team for assistance with verification.

Photo: https://mma.prnewswire.com/media/2647976/PurDentix.jpg

 

View original content:https://www.prnewswire.co.uk/news-releases/purdentix-alerts-consumers-about-fake-listings-as-counterfeit-supplement-market-expands-302408870.html

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MARPAI REPORTS FOURTH QUARTER AND FULL YEAR 2024 FINANCIAL RESULTS

Published

32 minutes ago

on

March 26, 2025

By

MARPAI EXHIBITS STRONG, ONGOING FINANCIAL IMPROVEMENT

TAMPA, Fla., March 26, 2025 /PRNewswire/ — Marpai, Inc. (“Marpai” or the “Company”) (OTCQX: MRAI), a technology platform company, which operates as a national Third-Party Administrator (TPA) through its subsidiaries and is transforming the $22 billion TPA market by offering affordable, intelligent, healthcare solutions to self-funded employer health plans, today announced the financial results for the fourth quarter and fiscal year 2024. The Company expects to hold a webcast to discuss the results on March 27, 2025.

Q4 2024 Financial Highlights:

Net revenues were $6.6 million in Q4 2024, a decrease of $0.4 million, or 6.0% lower than Q3 2024.Operating expenses were $5.3 million in Q4 2024, an increase of $0.3 million, or 5.1% higher than Q3 2024.Operating loss was $2.7 million in Q4 2024, an improvement of $0.4 million, or 12.2% lower than Q3 2024.Net loss was $1.2 million in Q4 2024, an improvement of $2.4 million, or 67.5% lower year over year.Basic and diluted earnings per share in Q4 2024 were ($0.08) an improvement of $0.22 per share compared to Q3 2024.

Full Year 2024 Highlights:

Net revenues for the fiscal year end December 31, 2024 were $28.2 million, down $9.0 million, or 24.2% lower year over year.Operating expenses for the fiscal year end December 31, 2024 were $31.2 million, an improvement of $9.7 million, or 23.7% lower year over year.Operating loss for the fiscal year end December 31, 2024 was $22.1 million, an improvement of $5.9 million, or 21.1% lower from the prior year.Net loss was $22.1 million, an improvement of $6.7 million, or 23.2% lower year over year.Basic and diluted earnings per share were ($1.92) an improvement of $2.22 per share year over year.

2024 Adjusted EBITDA:

Our Adjusted EBITDA is a supplemental performance measure of our operations for financial and operational decision-making and is used as a supplemental means of evaluating period-to-period comparisons on a consistent basis. Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation, and amortization, excluding non-recurring transactions, and stock-based compensation.

Adjusted EBITDA for the year ended December 31, 2024 amounted to a loss of $9.1 million as compared to a loss of $20.2 million for the year ended December 31, 2023. The improved adjusted EBITDA loss was due to the actions taken throughout 2023 and 2024 to better utilize our resources and reduce our expenses.

A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP” Financial Measures.

“In a short span, Marpai’s team engineered an exceptional turnaround, dramatically reducing losses,” stated Damien Lamendola, CEO. “Now, we’re propelling the Company towards growth and profitability. We are continuing to streamline costs while deploying innovative services, including our recently announced Empara Member Engagement Portal. Looking ahead, we plan to introduce high-impact PBM-based products in the second half of 2025. We believe these actions will fuel revenue growth and position Marpai for profitability in 2025.”

Webcast and Conference Call Information

Marpai expects to host a conference call and webcast on Thursday, March 27, 2025, at 8:30 a.m. ET to present the Company’s operational and financial highlights for its fourth quarter and year ended December 31, 2024.

You may stream the call via the internet by following this link: https://app.webinar.net/p67nEeDyXjK The webcast replay will be available at the same URL within 2 hours of the end of the call. The replay of the call will be available within 2 hours of the end of the call until April 3, 2025 by calling 1-646-517-4150 or 1-888-660-6345 and entering the replay code, 17670 #.

About Marpai, Inc.

Marpai, Inc. (OTCQX: MRAI) is a technology platform company which operates subsidiaries that provide TPA and value-oriented health plan services to employers that directly pay for employee health benefits. Primarily competing in the $22 billion TPA sector serving self-funded employer health plans representing over $1 trillion in annual claims. Through its Marpai Saves initiative, the Company works to deliver the healthiest member population for the health plan budget. Operating nationwide, Marpai offers access to leading provider networks including Aetna and Cigna and all TPA services. For more information, visit www.marpaihealth.com , the content of which is not incorporated by reference into this press release. Investors are invited to visit https://ir.marpaihealth.com.

Forward-Looking Statement Disclaimer

This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified through the use of words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “guidance,” “may,” “can,” “could”, “will”, “potential”, “should,” “goal” and variations of these words or similar expressions. For example, the Company is using forward-looking statements when it discusses current efforts to propel the Company towards growth and profitability, its plan to introduce high-impact PBM-based products in the second half of 2025, its belief that these actions will fuel revenue growth and position the Company for profitability by the close of 2025, its financial results and its commitment to operational and financial improvements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Marpai’s current expectations and speak only as of the date of this release. Actual results may differ materially from Marpai’s current expectations depending upon a number of factors. These factors include, among others, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business. Except as required by law, Marpai does not undertake any responsibility to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.

More detailed information about Marpai and the risk factors that may affect the realization of forward-looking statements is set forth in Marpai’s filings with the Securities and Exchange Commission. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov.

Non-GAAP Financial Measures

We have provided in this release financial information that has not been prepared in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with peer companies, many of which present similar non-GAAP financial measures to investors.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures provided in the financial statement tables below.

Adjusted EBITDA is a supplemental performance measure of our operations for financial and operational decision-making and is used as a supplemental means of evaluating period-to-period comparisons on a consistent basis. Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation, and amortization, excluding non-recurring transactions, and stock-based compensation. We believe these measures provide useful information to management and investors for analysis of our operating results.

MARPAI, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET

(in thousands, except share and per share data)

December 31, 2024

December 31, 2023

ASSETS:

Current assets:

Cash and cash equivalents

$                       764

$                          1,147

Restricted cash

8,468

12,345

Accounts receivable, net of allowance for credit losses of $1 and $25

837

1,124

Unbilled receivable

569

768

Due from buyer for sale of business unit

500

800

Prepaid expenses and other current assets

759

901

Total current assets

11,897

17,085

Property and equipment, net

—

611

Capitalized software, net

441

2,127

Operating lease right-of-use assets

296

2,373

Goodwill

—

3,018

Intangible assets, net

—

5,177

Security deposits 

229

1,267

Other long-term asset

15

22

Total assets

$                  12,878

$                        31,680

LIABILITIES AND STOCKHOLDERS’  DEFICIT

Current liabilities:

Accounts payable

$                    3,109

$                          4,649

Accrued expenses

2,585

2,816

Accrued fiduciary obligations

6,308

11,573

Deferred revenue

625

661

Current portion of operating lease liabilities

244

512

Current portion of convertible debentures, net

3,106

—

Other short-term liabilities

3,005

632

Total current liabilities

18,982

20,843

Other long-term liabilities

14,891

19,401

Convertible debentures, net of current portion

5,921

—

Operating lease liabilities, net of current portion

793

3,684

Deferred tax liabilities

—

1,190

Total liabilities

40,587

45,118

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ DEFICIT

Common stock, $0.0001 par value, 227,791,050 shares authorized; 14,237,176 issued
and outstanding at December 31, 2024 and 7,960,938 issued and outstanding at
December 31, 2023

1

1

Additional paid-in capital

71,124

63,307

Accumulated deficit

(98,834)

(76,746)

Total stockholders’ deficit

(27,709)

(13,438)

Total liabilities and stockholders’ deficit

$                  12,878

$                        31,680

 

MARPAI, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

Year ended 

Three Months Ended 

December 31, 2024

December 31,
2023

December 31,
2024

December 31, 2023

Revenue

$                  28,173

$                        37,155

$        6,591

$     8,707

Costs and expenses

Cost of revenue (exclusive of depreciation and amortization
   shown separately below)

19,066

24,239

3,988

5,709

General and administrative

12,832

19,177

2,878

3,239

Sales and marketing

1,766

6,597

383

1,103

Information technology

4,697

5,834

1,089

1,059

Research and development

29

1,311

7

21

Depreciation and amortization

2,256

3,897

178

923

Impairment of goodwill and intangible assets

7,588

3,018

—

3,018

Facilities

1,305

2,472

108

554

Loss on disposal of assets

648

335

648

(15)

Loss (gain) on sale of business unit

73

(1,748)

—

(1,749)

Total costs and expenses

50,260

65,132

9,279

13,862

Operating loss

(22,087)

(27,977)

(2,688)

(5,155)

Other income (expenses)

Other income

396

488

36

258

Interest expense, net

(2,709)

(1,527)

(819)

(425)

Loss on debt extinguishment

(1,877)

—

(1,877)

—

Gain on forgiveness of other liability

3,000

—

3,000

—

Foreign exchange loss

(1)

(26)

2

6

Loss before provision for income taxes

(23,278)

(29,042)

(2,346)

(5,316)

Income tax expense

(1,190)

(290)

(1,190)

(290)

Net loss

$                (22,088)

$                      (28,752)

$      (1,156)

$    (5,026)

Net loss per share, basic & fully diluted

$                    (1.92)

$                          (4.14)

$        (0.08)

$      (0.65)

Weighted average common shares outstanding, basic and
   diluted

11,511,203

6,951,669

13,934,066

7,738,879

 

MARPAI, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, except share and per share data)

Year ended

December 31, 2024

December 31, 2023

Cash flows from operating activities:

Net loss

$                (22,088)

$                      (28,752)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

2,256

3,897

Loss on disposal of assets

648

335

Loss on sale of receivables

306

—

Share-based compensation

3,157

2,099

Warrant expense

—

242

Shares issued to vendors in exchange for services

—

79

Amortization of right-of-use asset

211

1,502

Impairment of goodwill and intangible assets

7,588

3,018

Loss/(gain) on sale of business unit

73

(1,749)

Gain on forgiveness of other liability

(3,000)

—

Loss on termination of lease

71

—

Non-cash interest expense

1,395

1,527

Amortization of debt discount and debt issuance costs

201

—

Loss on debt extinguishment

1,877

—

Deferred taxes

(1,190)

(290)

Changes in operating assets and liabilities:

Accounts receivable and unbilled receivable

486

(105)

Prepaid expense and other assets

142

732

Security deposit

138

27

Accounts payable

(1,540)

3,191

Accrued expenses

(231)

(2,497)

Accrued fiduciary obligations

(5,265)

2,548

Operating lease liabilities

(464)

(1,887)

Due To related party

—

(3)

Other liabilities

64

337

Other asset

7

—

Net cash used in operating activities

(15,158)

(15,749)

Cash flows from investing activities:

Proceeds from sale of business unit

227

1,000

Proceeds from disposal of property and equipment

—

27

Net cash provided by investing activities

227

1,027

Cash flows from financing activities:

Proceeds from issuance of common stock in a public offering, net

—

6,432

Payments to seller for acquisition

(631)

(1,663)

Proceeds from issuance of warrants

—

32

Proceeds from issuance of common stock in a private offering, net

4,660

295

Proceeds from issuance of convertible debentures

8,000

—

Proceeds from sale of future cash receipts on accounts receivable

1,509

—

Payments to buyer of receivables

(1,816)

—

Payments on convertible debentures

(420)

—

Payments of convertible debenture issuance costs

(631)

—

Net cash provided by financing activities

10,671

5,096

Net decrease in cash, cash equivalents and restricted cash

(4,260)

(9,626)

Cash, cash equivalents and restricted cash at beginning of period

13,492

23,118

Cash, cash equivalents and restricted cash at end of period

$                    9,232

$                        13,492

Reconciliation of cash, cash equivalents, and restricted cash reported in
   the condensed consolidated balance sheet

Cash and cash equivalents

$                       764

$                          1,147

Restricted cash

8,468

12,345

Total cash, cash equivalents and restricted cash shown in the condensed
   consolidated statement of cash flows

$                    9,232

$                        13,492

Supplemental disclosure of cash flow information

Cash paid for interest

$                    1,742

$                               —

Supplemental disclosure of non-cash activity investing and financing activities

Measurement period adjustment to Goodwill

$                         —

$                              198

 

MARPAI, INC. AND SUBSIDIARIES

Reconciliation of Net Loss to EBITDA, and Adjusted EBITDA 

(in thousands, except share and per share data)

Year ended

December 31, 2024

December 31, 2023

Net Loss

$                (22,088)

$                      (28,752)

Other income, net

(396)

(488)

Interest expense

2,709

1,527

Loss on debt extinguishment

1,877

—

Gain on forgiveness of other liability

(3,000)

—

Foreign exchange loss

1

26

Provision for taxes

(1,190)

(290)

Depreciation and amortization

2,256

3,897

EBITDA

$                (19,831)

$                      (24,080)

Impairment of goodwill and intangible assets

7,588

3,018

Loss on disposal of asset

648

335

Loss (gain) on sale of business unit

73

(1,748)

Stock-based compensation

2,465

2,294

Adjusted EBITDA

$                  (9,057)

$                      (20,181)

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/marpai-reports-fourth-quarter-and-full-year-2024-financial-results-302412484.html

SOURCE Marpai

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Technology

CytoSite Bio Announces Agreement with Lantheus for Granzyme B Targeted PET Imaging Radiotracer for Immunotherapy Assessment

Published

32 minutes ago

on

March 26, 2025

By

A global collaboration agreement has been signed for the development and commercialization of a Granzyme B-targeted Positron Emission Tomography (PET) imaging radiotracer.

This radiotracer has the potential to support the monitoring of patient immune response and supports the accelerated development for CytoSite.

CytoSite will lead initial clinical development with Lantheus having an exclusive option to acquire worldwide development and commercialization rights to the radiotracer.

BOSTON, March 26, 2025 /PRNewswire/ — CytoSite Bio (CytoSite) announced today that they have signed a collaboration agreement for the clinical development and potential commercialization of CytoSite’s investigational Phase 1 ready granzyme B-targeted Positron Emission Tomography (PET) imaging tracer with Lantheus Holdings, Inc. This agreement provides Lantheus with an exclusive option to license worldwide rights to CytoSite’s novel imaging technology.

The two companies will collaborate on clinical development, with Lantheus having the option to acquire exclusive worldwide rights for further development and commercialization of the product. Under the terms of the agreement, CytoSite is eligible to receive payments for development, regulatory and commercial milestones, plus royalties on future product sales.

Granzyme B is an enzyme released upon activation of immune cells to destroy harmful cells, including cancer. Early studies of the investigational imaging tracer have shown potential to evaluate whether immunotherapies are working effectively to activate the immune system. This investigational PET imaging radiotracer could enable physicians to measure the early efficacy of such therapies within days of first dose and modify treatment accordingly rather than waiting for months to fully understand if the treatment is working. Additionally, pharmaceutical developers can use the investigational imaging tracer to gain an early read-out of efficacy for new therapies, enabling faster decision-making and more efficient allocation of resources.

“The clinical data we have generated to date validates our belief that use of PET imaging to detect active Granzyme B has the potential to transform outcomes in immuno-oncology, autoimmune-mediated and inflammatory diseases,” said Benjamin Larimer, PhD, Co-founder and CEO of CytoSite. “We are excited to be partnering with Lantheus to bring Granzyme B PET imaging to the forefront. This strategic collaboration creates a clear path to commercialization with an ideal partner in the radiopharmaceutical space while providing significant value potential for CytoSite as we advance this promising technology in parallel with our own radiotherapeutic program.”

“If approved, CytoSite’s proprietary Granzyme B biomarker could provide a valuable tool for oncologists, radiologists and medical professionals to enable improved outcomes for cancer patients and rapidly expand options for new immunotherapies,” said Umar Mahmood, MD, PhD, Co-founder of CytoSite, Chief of Nuclear Medicine and Molecular Imaging in the Department of Radiology at Massachusetts General Hospital (MGH) and Professor of Radiology at Harvard Medical School.

About CytoSite Bio

CytoSite Bio is developing novel radiopharmaceuticals that enable the quantification and modulation of immune activation to improve cancer immunotherapy. The lead product detects active Granzyme B, the primary protein responsible for the killing of tumor cells by the immune system. CytoSite’s products enable individually optimized treatments for patients, and more rapid evaluation of new drugs and drug combinations, using non-invasive, whole-body PET imaging combined with targeted radiotherapy.

For more information: www.cytositebio.com

Contacts:
Ben Larimer, PhD
CEO, CytoSite Bio
781-608-9916
blarimer@cytositebio.com

View original content:https://www.prnewswire.com/news-releases/cytosite-bio-announces-agreement-with-lantheus-for-granzyme-b-targeted-pet-imaging-radiotracer-for-immunotherapy-assessment-302412492.html

SOURCE CytoSite Bio

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Technology

Cryptocurrency Exchange WhiteBIT Launches in Australia

Published

32 minutes ago

on

March 26, 2025

By

VILNIUS, Lithuania, March 26, 2025 /PRNewswire/ — WhiteBIT, the largest European cryptocurrency exchange by traffic, is entering the Australian market, unlocking new opportunities for investment in digital assets. The platform’s launch in Australia is a strategic move in the company’s global expansion, reinforcing its presence on the international stage.

The WhiteBIT.au platform was launched in December 2024, but this launch was preceded by months of internal work and preparation. WhiteBIT has registered with AUSTRAC as a Digital Currency Exchange Provider and Independent Remitter Dealer. The company is just beginning to scale up its activities in Australia, planning to build on its already strong local team. As of now, spot trading is available; however, the product line will keep on growing. The company’s focus is to provide the highest quality products while staying within the regulatory approvals in each country. 

WhiteBIT is the largest European centralized crypto exchange by traffic. It has 8 million registered users and offices in 7 countries and is part of the WhiteBIT Group, a leading ecosystem of blockchain and crypto solutions with more than 35 million users worldwide. This launch in Australia comes amidst the growing demand for cryptocurrencies among Australian investors, creating the perfect environment for the development of digital asset infrastructure in the region.

For Australian users, WhiteBIT offers fast and secure transactions and access to a range of new cryptocurrency trading tools, making it ideal for both beginners and experienced traders.

Australia’s Crypto Adoption Surges as Investment Interest Grows

According to Triple-A data, 9.6% of Australians already own digital assets, highlighting the high level of crypto adoption in the country. This creates an ideal environment for the continued growth of the crypto industry, particularly given the stable economy and increasing popularity of cryptocurrency investments among younger Australians.

Despite its complexity, Australia presents an attractive landscape for crypto businesses. The nation boasts a resilient economy that is steadily recovering from post-COVID challenges. With a consistently growing average salary, Australians have the financial means, an investment culture, and access to a wide range of financial instruments. Notably, derivatives and cryptocurrencies are among the preferred options for younger investors.

The country’s crypto market infrastructure is well-developed, with clear regulations and an established legal framework ensuring a structured environment for industry players. As a result, both local and global crypto companies are actively expanding their presence, competing to meet the needs of Australian investors.

Volodymyr Nosov, founder and president of WhiteBIT Group, comments, “Expanding into the Australian market presents a unique opportunity to engage with a highly crypto-savvy audience and a region that plays one of the crucial roles in the Asia-Pacific Region. Our goal is to contribute to the economic well-being and financial independence of both Australian and Asian communities while driving the adoption of blockchain technology on a global scale. This expansion marks a significant step in our mission to make crypto accessible to everyone.”

About Whitebit

WhiteBIT is the largest European cryptocurrency exchange by traffic, offering over 780 trading pairs, 330+ assets, and supporting 9 fiat currencies. Founded in 2018, the platform is part of WhiteBIT Group, which serves more than 35 million customers globally. WhiteBIT collaborates with Visa, FACEIT, FC Barcelona, Trabzonspor, and the Ukrainian national football team. The company is dedicated to driving the widespread adoption of blockchain technology worldwide.

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