Leading global crypto exchange LBank has suspended registration for new users from the UAE and also limited its services for existing customers in the region.
This move is due to ongoing regulatory adjustments as LBank works to secure a key operational license from Dubai’s authorities.
LBank Seeks Dubai VARA License, Temporarily Adjusts UAE Crypto Services
In its latest public notice, the cryptocurrency exchange notified the public that it is processing the acquisition of the Virtual Asset Service Provider (VASP) license under the Dubai Virtual Assets Regulatory Authority (VARA). LBank stated that this licensing process requires the exchange to suspend certain services in alignment with regulatory expectations.
According to LBank, the latest adjustment aims to improve its services for users. The regulatory compliance would ensure the highest standard of customer protection and transparency. Therefore, until the process ends, LBank will not admit new users.
Additionally, existing users will be limited to canceling open orders, closing active positions, and withdrawing funds.
Related: VARA Compliance Forces Binance FZE Delisting of XMR, ZEC, Fiat in UAE
LBank Assures UAE Users: Suspension Limited, Supports Long-Term Benefits
Typically, any interruption of services on cryptocurrency exchanges can make users uneasy. This is understandable given the history of some exchanges folding after announcing similar temporary service halts. LBank, however, clarified that its case is different, detailing that this particular suspension affects only users from the UAE.
Besides, the crypto exchange acknowledged users’ concerns, citing the importance of uninterrupted service. It assured users that the service suspension is for good and aims to provide better regulation that would promote users’ benefits.
According to LBank, this transition “underscores our deep commitment to the UAE’s progressive regulatory framework and our goal to operate with full authorization and oversight under VARA.”
Support Desk Open as LBank UAE Users Await Licensing Process Completion
Although LBank has suspended the admission of new users and trading activities for existing customers, the platform’s support desk remains open and active.
Related: Dubai’s VARA Sets New Deadline for Crypto Entities To Get Licensed
The crypto exchange advised users to pay attention to developments by monitoring official announcements. They can also contact LBank’s support team whenever they need clarification on the service changes.
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