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LBank Exchange — Unregistered Overseas Crypto Asset Exchange Operator Targeting Japan: Overview

Confidence: Likely Updated 2026-05-19 Review by 2026-08-08 Sources 6 Machine-translated Original (JA)
#fintech#jp-foreign-exchange#fsa-warned#unlicensed#lbank
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This entry sits under exchanges index. Read it with FSA crypto-asset exchange registration system — number system / Local Finance Bureau jurisdiction / registration requirements for adjacent context and Japan Financial Regulation — Legal Framework for Tokens, Crypto Assets, and Payments for the broader system boundary.

No Japan FSA Registration · Non-JVCEA member · FSA Warning Letters: 1 total (2024-06-14)

  • Trade Name (Platform Name): LBank Exchange (Operator: LBK Exchange)
  • English Name: LBank Exchange / LBK Exchange
  • Established: 2015 年
  • Registered Office: FSA public disclosure states “address unknown.” The operating entity is reported to be Superchains Network Technology Co. Ltd (incorporated in Hong Kong) based on public information.
  • Representative: FSA public disclosure states “unknown.” The name Eric He has been cited as founder in public interviews (confidence: possible).
  • Listed Status: Not listed
  • Parent Company / Major Shareholders: Not disclosed. Superchains Network Technology Co. Ltd (Hong Kong) is considered the beneficial owner entity based on public information.

2. Licences and Registration Status

  • Japan Crypto Asset Exchange Business: Unregistered (no FSA registration)
  • JVCEA Membership: Non-member (not a member of either Type 1 or Type 2)
  • Main Regulatory Status Outside Japan: Public information references regulatory compliance in Lithuania and Hong Kong, but detailed registration numbers have not been disclosed.
  • Japan FSA Warning History:
    • 2024-06-14 (令和6年6月14日) — Warning Letter No. 1 (total 1 warnings issued). Issued pursuant to the FSA Administrative Guidelines (Crypto Asset Exchange Business Section Ⅲ-1-6(2)②) on grounds of conducting unregistered crypto asset exchange business with Japan-resident customers. The FSA public disclosure lists both the representative and address as “unknown.” Warning letter PDF: LBank_keikokushiryo.pdf
  • FSA List of Unregistered Overseas Operators: The list (令和 6 年 edition) states that the platform provided Japan residents with transactions in BTC, ETH, WFCA, and other assets.

3. Supported Assets

  • Number of Listed Tokens: Over 800 (as of 2026-05 , per the company’s official website)
  • Key Tokens: Major assets including BTC, ETH, and USDT, plus a large number of meme coins and small-cap altcoins
  • Characteristics: Known for early listings of niche tokens and emerging altcoins, positioning itself as an exchange providing initial liquidity for new tokens. The FSA’s list of unregistered overseas operators cites BTC, ETH, and WFCA (World Friendship Cash) as examples of traded assets. WFCA is a community-driven token marketed around metaverse NFT / DeFi infrastructure that listed on LBank in 2023 年 10 月.

4. Business Scope

  • Spot Trading: Offered (800 + pairs)
  • Futures / Derivatives: Futures trading offered
  • Copy Trading: Copy Trading feature offered (1,350 + lead traders as of 2026-05 )
  • Lending / Earn: Earn service offered
  • Fiat On-Ramp: Fiat purchase via credit card, P2P, etc. Japanese yen settlement support has not been disclosed.
  • LBank Labs: VC arm. Has carried out investment activities including a MEME Special Fund (size: USD 1,000 万, announced 2023 年 7 月).

5. Market Share and Trading Volume

  • 24 -Hour Trading Volume: Approximately 94 億 USDT (as of 2026-05-19, per the company’s official website)
  • Registered Users: 2,000 万+ (per the company’s official website)
  • Countries / Regions Covered: 210 + countries and regions
  • Customer Base: Primarily retail individual investors. Strong appeal to investors in emerging markets and the altcoin space.
  • Competitive Position: Mid-tier among global centralised exchanges. Falls short of major platforms (Binance, OKX, Bybit, etc.) but has established a certain niche in small-cap altcoin liquidity provision. Published trading volume and user figures are self-reported by the company and have not been third-party verified (confidence: possible). As an FSA warning recipient, it is in the same category as MEXC, Bitget, and KuCoin (for regulatory details see FSA warning-letter issuance system for unregistered foreign crypto-asset exchanges (2018-2025)).

6. History and Significant Events

  • 2015 年: Founded. Established by the Chinese-origin company Superchains Network Technology Co. Ltd (Hong Kong) as the operating entity.
  • 2015–2023 年: Global expansion as a spot crypto exchange. Grew into a niche-token-focused exchange handling 800 + tokens.
  • 2023-07: LBank Labs announced the establishment of a MEME Special Fund worth USD 1,000 万 (press release).
  • 2023-10: Listed WFCA (World Friendship Cash). Subsequently cited as an example asset in the FSA’s list of unregistered overseas operators.
  • 2024-06-14 (令和 6 年 6 月 14 日): Warning letter issued by Japan’s Financial Services Agency (FSA). Warning issued under FSA administrative guidelines for conducting unregistered crypto asset exchange business with Japan-resident customers. Both representative and address published as “unknown.”
  • Around 2024-06-12: Reports indicated that around the time of the FSA warning, LBank announced new listings such as Aethir (ATH), continuing active listing activity despite heightened scrutiny in Japan.
  • 2025-09: LBank announced a sponsorship agreement with the Argentine national football team (AFA) (reported by nextmoney.jp).
  • **As of 2026-04 **: The company’s official website remains operational. Whether any explicit access restrictions for Japan residents have been put in place has not been disclosed.

7. Strategic Developments

  • Sports Sponsorship: Signed a sponsorship agreement with the Argentine national team in 2025 年, expanding marketing investment aimed at raising brand awareness.
  • SMS Regional Restrictions: Revised SMS service regional compliance measures effective 2025-12-27 (per company official website notice). The company is said to have implemented service restrictions in certain regions, but specific measures applicable to Japan have not been disclosed.
  • User Agreement: Revised 2025-12-18. Prohibits use for illegal activities, among other provisions. The operator name “LBK Exchange” is explicitly stated in the agreement.

8. Key Persons

  • Founder: Eric He — name confirmed in public interviews (2025-08). Detailed career background not disclosed (confidence: possible).
  • Representative (per FSA disclosure): Unknown (the FSA warning letter and list of unregistered overseas operators do not disclose a representative name)
  • Address (per FSA disclosure): Unknown (recorded as address unknown)

Sources