LBank, a crypto exchange offering more than 800 crypto assets is seeking a license in UAE through Dubai’s Virtual Asset Regulatory Authority (VARA) and as a result they are implementing changes to ensure regulatory compliance and high standards of consumer protection and transparency which include suspending new user registrations from the UAE.

As per their blog post, “As part of our ongoing commitment to full regulatory compliance and responsible innovation, LBank is currently in the process of securing a Virtual Asset Service Provider (VASP) license under the Dubai Virtual Assets Regulatory Authority (VARA).
In alignment with regulatory expectations and to ensure the highest standards of consumer protection and operational transparency, the following temporary changes will apply to users accessing our services from the UAE.”

New user registrations from the UAE will be temporarily suspended, while existing UAE users will only be able to, cancel open orders
close active positions, withdraw funds. The blog post notes, deposits and new trading orders will be disabled during this interim period.

LBank stated, “We understand the importance of uninterrupted access and are working closely with regulators to complete the licensing process as efficiently and transparently as possible. 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. We appreciate your continued trust and patience as we work to build a safer, stronger, and fully compliant digital asset ecosystem in the UAE.”