On May 20, Lbank announced a temporary suspension of new user registrations from the United Arab Emirates to comply with regulatory requirements set by Dubai’s Virtual Assets Regulatory Authority.
Service Access Curtailed for Existing UAE Lbank Users Amid Compliance Efforts
On May 20, the British Virgin Islands-based cryptocurrency exchange Lbank announced that it had temporarily suspended new user registrations from the United Arab Emirates as part of its ongoing efforts to maintain regulatory compliance and promote responsible innovation.
Lbank stated that it made the decision to align with the regulatory expectations of Dubai’s Virtual Assets Regulatory Authority (VARA), aiming to uphold strong consumer protection and maintain operational transparency. Under the temporary measures, UAE-based users can only cancel open orders, close active positions, and withdraw funds. The exchange has disabled deposits and the placement of new trading orders for these users during this period.
The crypto exchange stated that it implemented these measures to demonstrate its commitment to operating within the regulatory framework established by the United Arab Emirates.
Lbank stated that it recognizes the importance of uninterrupted access and is working closely with regulators to complete the licensing process as efficiently and transparently as possible. The company emphasized that this transition reflects its strong commitment to the UAE’s progressive regulatory framework and its goal to operate with full authorization and oversight under VARA.
Lbank announced that it will discontinue new user registrations from Russia, Ukraine, and Kazakhstan to align with regulatory requirements specific to those jurisdictions.
Effective May 27, 2025, Lbank will revise service access for accounts registered in Russia, Ukraine, and Kazakhstan. Users in these countries will be allowed to withdraw funds, cancel existing orders, redeem assets, and close open positions, but they will no longer be able to make deposits or initiate new orders.
