LBank EX is a website built using the same pattern as many other scam websites we have seen launched lately. Their login form, web platform, and many other features are simply copied and pasted from other frauds. The terms and conditions document mentions all sorts of different firms, and none of them have a license.
Find out more about how this scam ticks in our LBank EX Review.
On the About Us page of the LBank EX website, the company states that they are incorporated in the Virgin Islands, with a corporate HQ in Hong Kong. They fail to mention which Virgin Islands, though – British or the US.
That doesn’t make much of a difference, though, as the company is absent from registries in both the US NFA and BVI FSC. Our next stop was the Hong Kong SFC database, which didn’t contain any firms under the name of Lbank EX either.
A parent company is listed as UAB LBANK EXCHANGE, which is strange considering that “UAB” is a common prefix for Lithuanian companies. This directed us towards the Lithuanian financial regulator, LB. It turns out that the company UAB LBANK EXCHANGE is legally registered in Lithuania, but is not an entity licensed for cryptocurrency related services.
The databases of other prominent regulators, FCA, BaFIN, ASIC, CySEC, FINMA and CONSOB did not have an entry under the name of Lbank EX. This is solid proof that Lbank EX is neither a registered or a regulated entity, and that the company actively disseminates false information.
LBank EX is a completely anonymous company with virtually no online presence, bar the lbank-ex.com website itself. It is common for these sorts of shady companies to employ Boiler Room Agents to attract new clients to the platform. Another example of this sort of solicitation is Gala Gruppe.
The Boiler Room Agent is nothing like a typical telemarketer. These people will ceaselessly pester you with phone calls, messages, emails etc. just to get you to invest. Many times, a few different agents will take turns and keep calling their victims around the clock. If you block a number, they just get a new one and keep calling.
For some people, this sort of harassment is too much to bear, they crack and invest money just to make the annoyance stop. Of course, this means their money is trapped with the scammers. If you have any such issues, you may turn to us for legal support in recovering your funds.
The lack of any kind of regulation lets the scammers behind LBank EX operate on a global level. They don’t care about jurisdictions or different legal frameworks, because they answer to no-one.
The lbank-ex.com fraud website was first launched in 2023, targeting citizens of these nations:
To call the main trading software at LBank EX basic would be an understatement of the century. It is a web-oriented application that uses a separate charting service to import market data.
It is not clear where the market information is coming from, and it is very likely that LBank EX simply invents the market shifts to drain the client money more easily, like DigiFinex Scam.
If this wasn’t bad enough, the application is unreliable and sluggish, and many listed options either don’t work, or break the application outright.
Although LBank EX offers discrete mobile apps to their users, we can hardly call this a good thing. The applications in question are not listed on Google Play or App Store. Instead, they are downloaded directly from the scammers’ own server. This means that downloading these apps invites all kinds of ransomware, trackware or malware.
Compared to the regulated and reliable crypto exchanges that number tens of thousands of different coins, LBank EX is pathetic with their 18 assets.
Besides the basic purchase, sale or exchange of different crypto coins, clients can speculate on crypto binary options. This form of speculation has been banned in many jurisdictions, including Europe and North America.
Here is what LBank EX offers when it comes to trading instruments:
There is only a single trading account that is offered to all of the LBank EX clients. There are some pointers that allege the existence of tiered benefit levels. Besides the vague allegations, we couldn’t find much information about these VIP tiers, as the company calls them. LBank EX Login does not include a demo, or an Islamic account.
LBank EX has the same cryptic fee policy as the Fiatom scam we reviewed a bit earlier. The only thing we managed to find out is that some fees exist, but which amounts are charged and at which time is unclear.
The word “commission” appears in the Conditions document exactly twice, and is a case of improper translation to English. There is no leverage information pertaining to Binary Options trading either.
With such poorly defined clauses in the client agreement document, LBank EX can invent any hidden fees, taxes, commission, insurance or other.
Withdrawals at LBank EX are handled exclusively through cryptocurrency transfers. Clients in the United States and Japan may opt for a payout via a bank card, but these are also done in cryptocurrencies rather than FIAT currencies.
Unfortunately, LBank EX will never allow a payout. It is only the question of how much more money the victim will waste trying to pull out their assets from the platform. Contact our chargeback experts for more information on how to recover your money from LBank EX.
LBank EX is an anonymous unregulated cryptocurrency exchange. They offer dangerous speculation methods, such as Cryptocurrency Binary Options Trading, and even cover some loans and basic investment options. Needless to say, the company does not have a license for any of these services.
Don’t be ashamed if you have been swindled by the professional con artists behind LBank EX. Instead, fight them back for the money they stole! We offer legal support in resolving any issues with the LBank EX scam. You may contact our chargeback experts via the live chat. What are you waiting for? Book a free consultation today!
LBank EX is an anonymous company with basically no online presence. The company lacks any license, and is not to be trusted. If you have deposited money with the LBank EX scam, consider booking a free consultation with our legal experts.
No, LBank is a piece of malicious software which will poison your device, leeching your private information to the scammers in the process!
LBank EX does not disclose any fees, commissions or other charges. This indicates that the company uses hidden fees to extort more money from their victims.
Trading cryptocurrencies on LBank EX may be done either through a web trading software, or a mobile device app. We do not recommend trading anything through LBank EX for security concerns.
The post LBank EX Review – Crypto Scam That Will Break Your Bank appeared first on Global Fraud Protection.