It was announced by Lbank on May 20 that new user registrations from the United Arab Emirates had been temporarily suspended in order to comply with the regulatory requirements established by Dubai’s Virtual Assets Regulatory Authority.
Service Access Curtailed for Existing UAE Lbank Users Amid Compliance Efforts
On May 20, it was announced by the British Virgin Islands-based cryptocurrency exchange Lbank that new user registrations from the United Arab Emirates had been temporarily suspended, as part of the platform’s continued efforts to uphold regulatory compliance and foster responsible innovation.
According to Lbank, the decision was made in alignment with the regulatory expectations of Dubai’s Virtual Assets Regulatory Authority (VARA) to uphold strong consumer protection and maintain operational transparency. Under the temporary measures, access for existing users in the UAE will be restricted to canceling open orders, closing active positions, and withdrawing funds. During this period, deposits and the placement of new trading orders by UAE-based users will be disabled.
A statement issued by the crypto exchange indicated that these measures were undertaken to reflect its commitment to functioning within the regulatory framework established by the United Arab Emirates.
It was stated by Lbank that the significance of uninterrupted access is recognized, and close collaboration with regulators is underway to finalize the licensing process as efficiently and transparently as possible. This transition was emphasized as a reflection of the company’s strong commitment to the UAE’s progressive regulatory framework and its intention to operate with full authorization and oversight under VARA.
It was announced by Lbank that new user registrations from Russia, Ukraine, and Kazakhstan will be discontinued. These changes were said to have been made to align with regulatory requirements specific to those jurisdictions.
Effective May 27, 2025, revised service access will be applied to Lbank accounts registered in Russia, Ukraine, and Kazakhstan. Users located in these countries will be permitted only to withdraw funds, cancel existing orders, redeem assets, and close open positions. The ability to make deposits or initiate new orders will be discontinued.
