Is LBank a Scam? A comprehensive Review

LBank is trying to prove itself a legitimate crypto exchange by providing various registrations and other information on its website. But, from the inside, they have just some registrations, not regulations.

Team

The LBank team is made up of experienced professionals from the financial and technology industries. The CEO of LBank is Allen Wei, who has over 10 years of experience in the blockchain industry.

Services or Products: LBank offers a variety of services and products, including:

• Cryptocurrency trading: LBank offers a wide variety of cryptocurrencies to trade, including Bitcoin, Ethereum, Litecoin, and Tether.
• Margin trading: LBank allows users to trade cryptocurrencies with leverage.
• Staking: LBank offers staking services for a variety of cryptocurrencies. This allows users to earn rewards for holding cryptocurrencies.
• ICO/IEO launchpad: LBank provides a platform for cryptocurrency projects to launch their initial coin offerings (ICOs) and initial exchange offerings (IEOs).

License and Regulations

License Status: LBank is not licensed by any major financial regulator, such as the Securities and Exchange Commission (SEC) or the Financial Conduct Authority (FCA). They showed some registration numbers but they cannot be counted as licenses.

Regulation Status: LBank is not regulated in any major jurisdiction. However, it is registered with the Seychelles Financial Services Authority (FSA). They claimed they are regulated in Italy, but the funny thing is they aren’t even regulated by CONSOB.

Also, they claim they are registered in the USA, but did have the regulation under SEC.

You also can go through our other scammer lists such as the SEC Blacklisted Companies, FCA Unauthorised Firms List, ASIC Blacklisted Companies, & Bank Guarantee/SBLC Review.

Why Dealing With An Unlicensed Broker Is Risky?

There are a number of risks associated with dealing with an unlicensed broker, such as:

• The broker may not be trustworthy and could disappear with your funds.
• The broker may not be transparent about its fees and practices.
• The broker may not be subject to any regulatory oversight, which means that there is no one to protect you if you get scammed.

Legal Warning Against LBank

LBank has issued a legal warning against LBank. This is a type of investment scam that promises high returns with little risk. However, LBank is a very risky investment and there is a high chance of losing money.

Client Feedback

Feedback About Their Trading

There are a number of mixed reviews about LBank’s trading platform. Some users have reported that the platform is easy to use and offers a good selection of cryptocurrencies to trade. However, other users have reported that the platform is slow and buggy.

Feedback About Their Customer Service

The customer service at LBank has also been criticized by some users. Some users have reported that they have had difficulty getting in touch with customer support and that the support staff has been unhelpful.

How Can “Reviews Advice” Help You If You Get Scammed?

If you do get scammed by LBank or any other broker, there are a few things you can do:

1. Report the scam to the authorities.
2. File a complaint with the Financial Industry Regulatory Authority (FINRA).
3. Contact your bank and dispute the charges.
4. Contact a lawyer who specializes in investment fraud.

If you want a quick solution, you can contact us. We will provide you with a free consultation and recovery service recommendations to help you in recovering the lost fund.

Final Thought

LBank is a cryptocurrency exchange that is not licensed by any major financial regulator. There are a number of risks associated with dealing with an unlicensed broker, such as the broker not being trustworthy or transparent. There have also been reports of customer service issues at LBank. If you are considering using LBank, you should carefully weigh the risks and benefits before doing so.