Lbank, the British Virgin Islands-based cryptocurrency exchange, announced May 20 it has temporarily suspended new user registrations from the United Arab Emirates as part of its ongoing commitment to regulatory compliance and responsible innovation.

The decision, according to Lbank, aligns with the regulatory expectations of Dubai’s Virtual Assets Regulatory Authority (VARA) and aims to ensure robust consumer protection and operational transparency. As part of the temporary measures, existing UAE users will have restricted access to services, limited to canceling open orders, closing active positions and withdrawing funds. Deposits and new trading orders will also be disabled for UAE-based users during this period.

A statement released by the crypto exchange said these actions demonstrate its desire to operate under the UAE’s regulatory regime.

“We understand the importance of uninterrupted access and are working closely with regulators to complete the licensing process as efficiently and transparently as possible,” Lbank stated. “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.”

Meanwhile, Lbank has also announced it will cease new user registrations from Russia, Ukraine and Kazakhstan. It said these adjustments are in compliance with local regulatory requirements in those countries.

As a consequence, starting on May 27, 2025, Lbank accounts registered in Russia, Ukraine and Kazakhstan will experience revised service access. Users in these regions will only be able to withdraw funds, cancel orders, redeem assets and close positions. Deposits and the creation of new orders will no longer be supported.

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