LBank review: an altcoin-heavy exchange with low headline fees, thin reserve disclosure, unverified registrations and a heavily negative public record.

LBank’s security disclosure is thin. It announced a Merkle-tree Proof of Reserves in November 2022 after the FTX collapse (a paid, company-submitted announcement), but we found no current reserve ratios, no named auditor and no recent attestation, and altFins’ 2026 review notes that LBank lacks the audited PoR that Binance and OKX publish. Most user assets are reportedly held in offline cold storage, with no percentage given. The company cites a $100 million risk protection fund (via Cryptonews), a collaboration with CertiK, ISO/IEC 27001:2022 certification (altFins) and, in its Q2 2026 report, $13 million of potential losses blocked and 230+ incidents intercepted, and it describes a zero-security-incident record (all company-reported). altFins says it found no confirmed customer-fund-loss hack since 2015, though some third-party reports cite an unconfirmed 2023 hot-wallet incident that is not consistently corroborated. Hacken’s 2018 report raised wash-trading and security concerns, and its 2025 update describes material improvement. Because the evidence is mostly self-reported and the reserve data is stale, we score this below the midpoint.

LBank operates under registrations rather than full licences. The company behind it is LBK Blockchain Co. Limited, press releases carry Singapore and British Virgin Islands datelines, and TradingFinder lists Hong Kong as headquarters, so its true base is unclear. altFins lists a Canadian MSB registration with FINTRAC, a US MSB registration, AUSTRAC in Australia, Italy’s OAM and a Lithuanian VASP registration, with some of these appearing only in an FAQ, and says LBank holds no SEC, FCA, full MiCA, Singapore MAS or Hong Kong SFC authorisation. WhereLegalCrypto adds that LBank’s own user agreement excludes US and Canadian residents, so a FINTRAC or FinCEN registration is an anti-money-laundering registration and does not authorise it to serve those customers. altFins lists Canada among its registrations while WhereLegalCrypto says Canadians are excluded; we could not verify either on the registers. LBank halted new UAE registrations on May 20, 2025 and stopped new sign-ups from Russia, Ukraine and Kazakhstan from May 27, 2025. One affiliate-style directory lists 33 restricted countries and three restricted regions. We found no enforcement action against LBank in our searches.

LBank’s headline fees are low. CoinMarketCap, Cryptonews, Coingape and others report a flat 0.10% maker and taker rate on spot for major assets and 0.02% maker and 0.06% taker on perpetual futures. Smaller altcoins can cost 0.20%, according to Coingape and altFins, and BeInCrypto cites a spot maker range of 0% to 0.2%. LBank has no tiered VIP structure, so heavy traders get no volume discounts, and altFins reports that the LBK token no longer provides a discount (it says LBK was delisted in July 2025, from a single source). Crypto deposits are free. Withdrawals are described as network fee only by altFins, while Traders Union lists a 1% withdrawal fee, so that detail conflicts. Card and Apple Pay purchases cost about 3.5% through a third-party processor (altFins), and leveraged-token trading costs up to 0.2%. A 0-fee spot campaign ran in 2025 (company-reported). We could not load the live fee page, so confirm current rates.

LBank’s selling point is breadth and speed of listings. The company says it has listed over 300 mainstream coins and more than 50 gems (January and May 2026 releases), while other sources report far larger lists: TradingFinder says 700, altFins 930+ tokens and 1,000+ pairs, and Cryptonews 1,000+ spot pairs. A competitor-written page cited about 400, which we excluded. Fast listing of new, small tokens brings higher risk, and many of these assets are illiquid. Derivatives include USDT-margined perpetuals with up to 125x on majors and 200x on select pairs (altFins), 17 pre-market assets as of May 2026, and a TradFi segment with US stocks, metals and commodities that the company says exceeded $2 billion in daily volume in Q1 2026, plus US stock futures it says passed $6.3 billion in volume by January 2026. LBank Predict, a prediction product with 5x leverage, was announced in its Q2 2026 report. Leveraged tokens, grid bots, P2P with escrow and copy trading are also offered.

The platform is functional and feature-heavy. LBank offers spot, futures, copy trading, grid bots, P2P, LBank Pay and an LBank Card for Visa merchants with Apple Pay and Google Pay (company-reported, Q2 2026), and says it supports 24/7 live chat. FXEmpire’s August 2025 review scored trading experience 4.2 but deposits and withdrawals only 2.0 and security and transparency 2.3 out of 5, which matches user complaints. Reviewers describe repeated KYC requests, including enhanced C3 verification, and account restrictions for abnormal trading that can delay withdrawals. Crypto deposits and withdrawals can be done without full KYC at lower limits according to Cryptonews, but this varies and should be confirmed.

Public feedback is poor. Trustpilot shows 324 reviews with 82% at one star and 11% at five stars, and displays no TrustScore, stating the rating is unavailable due to a breach of its guidelines and that fake reviews were removed. Common complaints are blocked withdrawals and withheld profits after “abnormal trading” flags, repeated identity checks, slow generic support, misdirected transfers and allegations of fake volume or listings. LBank replies to many reviews with similar wording, citing risk control and asking for a UID or email, and says it does not freeze funds without reason. Sikayetvar also carries 18 complaints, including an April 2026 report from a US-based user of a withdrawal blocked pending a “verification” payment of $7,800, which we could not verify; LBank excludes US residents. Review platforms attract negative experiences and unverified claims, so we weigh them moderately, but the pattern is consistent with FXEmpire’s low withdrawal score.

LBank has a wide, promotion-heavy ecosystem. It runs LBank Labs (a venture arm), BoostHub for early token access, pre-market trading, Earn products (flexible staking of 2% to 8% APY and locked staking up to about 15%, per altFins), liquidity mining, a Visa card and big campaigns such as a $5 million Super League tied to the 2026 World Cup (company-reported). It says it has passed 25 million registered users (June 2026, company-reported in a paid release) and cites CoinGecko-reported daily volume of $23.81 billion on June 4, 2026, while altFins puts average daily volume near $5 billion, so the volume figure is unreconciled and should be treated with caution given past wash-trading concerns. Many of its press releases are sponsored, and award claims in them are self-published.