The leading global crypto exchange LBANK has suspended registration of new UAE users and restricted services for existing local customers.
The move comes from continuing regulatory adjustments as LBANK works to secure key operating licenses from Dubai authorities.
LBANK will seek Dubai VARA license and temporarily adjust UAE Crypto services
In its latest announcement, the cryptocurrency exchange has notified the public that it is handling the acquisition of virtual asset service provider (VASP) licenses under the Dubai Virtual Asset Regulator (VARA). Lbank said the licensing process requires replacements to suspend certain services to meet regulatory expectations.
According to LBANK, the latest adjustments are aimed at improving services for users. Regulatory compliance ensures the highest standards of customer protection and transparency. Therefore, LBANK will not accept new users until the process is finished.
Additionally, existing users will be restricted to cancel open orders, closure of active positions, and withdrawal of funds.
Related: vara compliance force xmr, zec, fiat registration
LBANK guarantees UAE users: Suspension Limited supports long-term benefits
Normally, interrupting services in cryptocurrency exchanges can cause users to be uneasy. This can be understood given the history of several exchanges folded after announcing a similar temporary suspension of services. However, Lbank makes it clear that the case is different and details that this particular suspension affects only UAE users.
Moreover, Crypto Exchange acknowledged its users’ concerns, citing the importance of uninterrupted services. We aim to ensure that the service suspension is forever and provide better regulations that promote the benefits of the user.
According to Lbank, this transition wasIt highlights our deep commitment to the UAE’s progressive regulatory framework and its goal of operating with full approval and oversight under VARA.”
LBANK UAE users are waiting for the licensing process to complete, so open the support desk
LBANK has stopped entry to new users and trading activities for existing customers, but the platform’s support desk remains open and active.
Related: Dubai’s VARA has set new deadlines for crypto entities to obtain licenses
Crypto Exchange advised users to pay attention to development by monitoring official announcements. You can also contact Lbank’s support team whenever you need to clarify any changes to your service.
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