LBank has been in business since 2015 and has spent the past year on the shirts of Argentina’s national football team, so the name now reaches far beyond crypto circles. Whether it is safe for you depends on five things you can check yourself in about twenty minutes: whether you are allowed to open an account, whether the exchange proves its reserves, what its licences really cover, how well you lock your own account, and what the bonus terms ask of you.
Read this first. LBank’s own User Service Agreement lists Iran, the United States, Canada and mainland China among the regions it does not serve. If you live in one of them, the rest of this checklist does not change that clause. This article explains a verification method; it is not a recommendation to open an account or to invest.
LBank at a glance: what can actually be verified
A handful of facts about LBank are easy to confirm from public sources. The company dates its founding to 2015. In late September 2025 it signed a multi-year deal with the Argentine Football Association to become a regional sponsor of the national team, running through the 2026 FIFA World Cup, and it has kept the partnership visible with fan campaigns since the tournament.
Other figures belong in a different column. LBank’s press releases speak of more than 15 million registered users, a presence in over 210 countries and regions, daily volume above 4 billion dollars and a record of zero security incidents. These numbers come from the platform itself. They may be accurate, but nobody outside the company audits them, so a careful reader notes them without leaning on them.
Keep two columns: what public sources confirm, and what only the platform says.
Check 1: Are you allowed to open an account?
This is the question most reviews skip, and it matters most. The version of LBank’s User Service Agreement published on its support centre (checked September 2026) names the countries and regions the exchange does not serve. The list includes Afghanistan, Belarus, mainland China, Hong Kong, Cuba, Iran, Iraq, Lebanon, North Korea, Syria, Venezuela, the United States and Canada, among others.
The practical consequence is simple. An account opened from a restricted region can be frozen when the platform’s compliance checks catch up with it, and the agreement leaves the user with little recourse. Using a VPN to hide your location does not change your residency; it only changes when the problem surfaces. LBank also has no local currency gateway for these markets, so any route that starts with a domestic exchange and ends with a crypto transfer still runs into the same residency clause.
Check 2: Does the exchange prove its reserves?
Since the collapse of FTX in 2022, the minimum sign of good faith from a centralised exchange has been a proof of reserves report: a published snapshot showing that customer balances are backed one to one, usually with a Merkle tree that lets each user confirm their own balance is included.
LBank does not publish such a report. That does not prove anything is wrong, but it removes the one tool an ordinary user has to check solvency from the outside. The reasonable response is to treat the exchange as a place to trade, not a place to store: keep only the balance you are actively using and withdraw the rest to a wallet you control.
Check 3: What do the licences and claims really cover?
Exchange marketing often lists registrations in several jurisdictions next to phrases such as “safe operations”. Read each one for what it is. A money services registration is an anti money laundering filing, not a prudential licence that requires capital reserves or protects client funds. A claim of zero security incidents is a statement about the past made by the company. Neither replaces the verifiable evidence in Check 2.
Check 4: How well is your own account locked?
Most losses on large exchanges come from compromised accounts, not from the exchange failing. Three settings do most of the work: an authenticator app rather than SMS codes for two step verification, an anti phishing code if the platform offers one, so genuine emails can be told apart from fakes, and a withdrawal address whitelist, so a stolen session cannot send funds to a new address.
For readers more comfortable in Persian, there is a Persian-language walkthrough of LBank’s Google Authenticator setup that also covers what to do when the recovery key is lost. Whatever the language, store that recovery key offline before you enable the app, not after.
Check 5: What do the bonus terms ask of you?
The Argentina partnership came with a promotional campaign that, as reported at launch, offered new users a 100 dollar welcome bonus after basic verification and a 100 percent bonus on deposits moved into the futures account. Both are designed to be used in leveraged contract trading, which is where the risk sits.
Leverage shortens the distance between entry and liquidation. In a simplified hypothetical example that ignores fees, funding and maintenance margin, a position at 10x loses its margin after a move of roughly 10 percent against it, and at 20x after roughly 5 percent. A deposit bonus that doubles your trading power doubles the size of what that small move can erase.
Hypothetical, simplified: the higher the leverage, the smaller the move that wipes out the margin.
Before accepting any bonus, read the exact campaign terms on the exchange, including volume requirements and whether the bonus can ever be withdrawn. l-learn.com, a Persian-language tutorial site, keeps a summary of LBank’s futures trading rules that is useful for comparing against the official pages.
Frequently asked questions
Can residents of Iran open an LBank account?
LBank’s User Service Agreement lists Iran among the regions it does not serve. Beyond the risk of a frozen account, identity verification documents from a restricted country are typically rejected, which blocks access to higher withdrawal limits even if registration goes through.
If LBank has no proof of reserves, how do I limit my exposure?
Decide on a maximum balance you are willing to leave on any single exchange and withdraw above it on a schedule, for example after each trading week. Test every new withdrawal address with a small amount first, because a transfer on the wrong network is usually unrecoverable.
Is the welcome bonus withdrawable cash?
As reported, the campaign bonuses are credited for contract trading rather than paid out as cash, and conditions can change between campaigns. Treat a bonus as extra risk budget, not as money you own, and check whether losses are deducted from the bonus or from your own deposit first.
This article is for information only and is not investment advice. Crypto assets and leveraged trading can lose their entire value.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: tehrantimes.com
