LBank

The company was founded in 2015 by a group of developers, including Eric He (also known as He Wei), who acted as co-founder and key manager. Johnason Chan became co-founder and Chief Operating Officer. Allen Wei assumed the role of CEO; prior to working on the LBank platform, he was a professional IT developer and Bitcoin enthusiast. Eric Xu is responsible for the North American direction as CEO of the region. Czhang Lin heads the venture division LBank Labs. Throughout its history, the platform has remained under the jurisdiction of the British Virgin Islands, without undergoing any rebranding or headquarters relocation. Key milestones: On August 1, 2019, the launch of its native token LBK with a total supply of 2 billion coins and a statement that there would be no additional issuance. In August 2023, LBank conducted an IEO for the PINs Network project, raising 51,556,343 USDT in investments. In November 2022, the exchange announced its intention to publish an audited proof of reserves (PoR) based on a Merkle tree. At the end of 2025, a technical glitch was recorded on the ETH/USDT pair in the futures market: an anomalous display of the mark price between 09:49 and 10:50 UTC led to the forced liquidation of some positions; the platform committed to fully compensating confirmed losses within one business day. In mid-2026, LBank relaunched its prepaid card program in partnership with Sutton Bank (an FDIC member) for issuing Visa/Mastercard cards; a previous similar program was closed in 2025. Regulation and Licenses LBank is registered as a Money Services Business in the USA - FinCEN registration number 31000167401138. In Canada, the platform has MSB status with number M20430113 at FINTRAC. In Italy, it has obtained registration as a Virtual Asset Service Provider (VASP) under number PSV133 at the Organismo Agenti e Mediatori (OAM). Despite these registrations, the exchange does not hold a BitLicense from the NYDFS or a Major Payment Institution license from the MAS of Singapore. In October 2023, the UK Financial Conduct Authority (FCA) added LBank to its warning list for unauthorized activities. In 2021, the Spanish National Securities Market Commission (CNMV) indicated that it was operating without registration. In November 2019, the Italian CONSOB demanded the blocking of the exchange's website within the country. There are no public cases of major fines from the SEC or CFTC. KYC policy became mandatory for all withdrawals and high-volume transactions starting in 2024. Two levels are distinguished: Basic (Tier 1) - uploading an identity document; Advanced (Tier 2) - biometrics and address verification. Restricted jurisdictions include mainland China, North Korea, Cuba, Iran, Syria, Crimea, Sudan, and the USA - for some products, especially derivatives and yield instruments. Products and Fees Spot trading has been available since the exchange's launch; the user interface implements the OCO order type. Margin trading and USDT-margined perpetual futures - with leverage up to 125x (depending on the pair) and isolated/cross margin. Insurance funds for futures are allocated separately for BTC/USDT and ETH/USDT, with a common pool for other contracts. Leveraged ETF trading: LBank lists 3x ETFs that trade in spot mode. The copy trading module uses a futures account with identical fees and includes a lead trader program with badges. "Spot Earn" (flexible accrual), "Locked Earn," and "Futures Earn" (yield on idle collateral) are governed by separate agreements. Launchpad and IEO: example - PINs Network (August 2023). The NFT marketplace operates under the same terms of LBK Blockchain Co., Limited. The P2P platform supports over 300 payment methods and 20+ fiat currencies. Debit/prepaid cards: from mid-2026, the waitlist reopened, with issuance through Sutton Bank. The "Buy Crypto" fiat channel is implemented through third-party processing partners (Banxa, Mercuryo, Simplex) with mandatory KYC on their end. Native token: LBK (LBank Token). Launched on August 1, 2019, with a total supply of 2 billion. It is used for trading fee discounts, access to token sales, and participation in Earn products. The exchange conducts token burns: on the second anniversary (August 2021), a buyback and burn of 400 million LBK was announced. Subsequently, the policy stipulated 50% burn from buybacks and 50% at the team's disposal. As of 2025, trading of LBK and its withdrawals were suspended "in accordance with regulatory requirements" - a sign of possible jurisdictional restrictions. API and Development: Public REST and WebSocket APIs (market data and private streams). Authentication uses RSA and HMAC-SHA256. Official SDKs for Python, Node.js, Java, Go. Supported order types: limit, market, post-only maker, IOC, FOK; in the spot web interface - OCO. In futures, trigger orders are additionally available. FIX support is absent. Current spot fees: maker 0.02% , taker 0.06% . Volumes and Liquidity Spot trading volume over the last 24 hours: $936.36M . The platform regularly ranks in the top 15 centralized exchanges by reported volumes, but its trust score on aggregators often lags behind competitors due to concerns about volume inflation and insufficient liquidity depth. The trading structure is skewed towards derivatives, which according to the exchange account for 60-75% of daily turnover. Trust rating: 9 . Security and Incidents Storage architecture: the exchange claims that 95% of assets are held in geographically distributed cold multi-signature wallets. In November 2022, a statement was published about the intention to launch an audited proof of reserves (Merkle-tree PoR). Later, at the end of 2025, an updated PoR module was launched, allowing users to verify 1:1 backing for major assets (BTC, ETH, USDT). Audits were conducted by the exchange itself or small firms; the "Big Four" were not involved. Derivatives insurance funds: separate pools for BTC and ETH, a common one for other pairs. Loss protection vouchers for copy trading have been introduced. Incidents: December 28, 2025 - mark price anomaly on the ETH/USDT futures contract from 09:49 to 10:50 UTC, leading to forced liquidations. The exchange announced full compensation within 1 business day. At the end of 2022, following the FTX collapse, LBank faced a sharp increase in withdrawal requests; temporary delays were explained by replenishing hot wallets and conducting a security audit. No cases of platform hacking with loss of user funds have been recorded in public sources. Management claims that since its founding, there have been no losses due to hacker attacks. Incidents with compensation programs have been recorded: in January 2025, a special compensation was conducted for users affected by forced liquidations due to internet issues. Related Individuals Eric He (also known as He Wei) - founder, co-founder, chairman of the board, sometimes listed as "community angel officer" and "risk control advisor". X account: @EH_LBank. In the early stages, he met Czhang Lin, which led to collaboration on the project, united by shared views on decentralization. Johnason Chan - co-founder and Chief Operating Officer (COO). Allen Wei - Global CEO. Before launching LBank in 2015, he worked as a professional IT developer and was a Bitcoin enthusiast. He is also listed as an advisor for the Encryptus project. Eric Xu - CEO of LBank for the USA/North America. Czhang Lin - Head of LBank Labs and Partner at LBank. LinkedIn profile - czhang-lin. He was involved in organizing the venture division. Operating Legal Entity: LBK Blockchain Co., Limited (registered in the British Virgin Islands, address Wickhams Cay). No public rounds of external capital raising or data on a parent holding structure have been found; the company is private. Potential Geographic Expansion: Since early 2025, the exchange has been actively developing its presence in Southeast Asia and the Middle East. In Dubai, work is underway to harmonize with VARA (Virtual Assets Regulatory Authority) requirements, although a full license has not yet been obtained. Venture Fund LBank Labs: In 2023, a fund of $100 million was announced to support Web3 infrastructure and startups. The fund has invested in projects like Lido (DeFi liquidity) and Enjin (NFT infrastructure). The LBank Labs team includes alumni from Binance Labs, Bitmain, Huobi, and ConsenSys. Listing Speed: The claimed ability to list a token within 1 hour of creation remains a unique selling point, attracting issuers of memecoins and niche DeFi assets. Improved Proof of Reserves: At the end of 2025, an updated PoR module was implemented, allowing users to verify asset backing; a future transition to audits by major firms is possible. Risks [Identified by Finkonkurs AI Analytics System] Regulatory Pressure: The exchange is on warning lists of the FCA (UK, 2023), CNMV (Spain, 2021), and received a blocking order from CONSOB (Italy, 2019). The lack of licenses in New York and Singapore limits access to markets for large institutional investors. Low Trust Score: Data aggregators (e.g., CoinMarketCap) rate LBank lower than competitors on trust metrics due to suspicions of volume inflation and insufficient liquidity transparency. Listing and Delisting Controversies: The exchange has listed projects that later turned out to be "rug pulls" or fraudulent schemes. "Community Listing" via user voting has been repeatedly subject to bot manipulation. In 2024-2025, a mass delisting of privacy coins and outdated DeFi projects was carried out in compliance with AMLD6 and MiCA in Europe. Ownership Concentration: The company remains private, not disclosing its shareholders; the lack of external investment oversight may facilitate opportunistic decisions. Technical Glitches: The December incident with the anomalous mark price of the ETH futures contract revealed vulnerabilities in the calculation system, which could recur, especially on pairs with low liquidity.