On the fateful day of May 20, Lbank, that illustrious cryptocurrency exchange, declared with a flourish that it has temporarily halted the welcoming of new users from the United Arab Emirates. Why, you ask? To comply with the ever-so-serious regulatory requirements set forth by the Dubai’s Virtual Assets Regulatory Authority, of course! Who knew compliance could be so thrilling?
Oh, the Existing UAE Users! What a Predicament!
Ah, Lbank, that charming entity nestled in the British Virgin Islands, announced on May 20 that it has decided to play a little game of regulatory hide-and-seek with new user registrations from the UAE. All in the name of compliance and responsible innovation, of course! How noble!
According to the grand proclamations of Lbank, this decision aligns perfectly with the lofty expectations of Dubai’s VARA, aiming to ensure that consumer protection and operational transparency are as robust as a well-fed camel. But wait! Existing UAE users, brace yourselves! Your access to services will be restricted to the thrilling activities of canceling open orders, closing active positions, and withdrawing funds. Yes, you heard it right! Deposits and new trading orders? Not today, my friends!
In a statement that could rival the best of melodramas, the crypto exchange expressed its burning desire to operate under the UAE’s regulatory regime. “We understand the importance of uninterrupted access,” they declared, “and are working closely with regulators to complete the licensing process as efficiently and transparently as possible.” Oh, the suspense! Will they succeed? Will they not? Stay tuned!
Meanwhile, in a plot twist worthy of a Russian novel, Lbank has also announced that it will cease new user registrations from the frosty lands of Russia, Ukraine, and Kazakhstan. Compliance with local regulatory requirements, they say! How very responsible of them!
As a consequence of this regulatory ballet, starting on May 27, 2025, Lbank accounts registered in these regions will experience a delightful revision of service access. Users will only be able to withdraw funds, cancel orders, redeem assets, and close positions. Deposits and the creation of new orders? Well, let’s just say they’ve taken a permanent vacation!
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2025-05-22 00:33