Disclaimer: In 2018, Hacken conducted an independent research article on LBank which highlighted significant concerns regarding liquidity transparency and security infrastructure. That report concluded that the exchange, at the time, did not meet our reliability standards.
The following review represents an updated assessment as of 2025. The data below reflects verified information from independent sources and documentation provided by the exchange. We urge all users to perform their own due diligence (DYOR) before trusting funds to any centralized custodian.
LBank is a centralized cryptocurrency exchange established in 2015. While its initial market presence was heavily concentrated in Asia, specifically China, the platform has since pivoted to a global operational model, reportedly serving users in over 160 countries.
As of 2025, the exchange has expanded its scope significantly compared to our 2018 observations. Current market data indicates a shift from a limited spot exchange to a broader financial service provider offering derivatives, leveraged products, and deep altcoin listings.
Market & Trading Data
LBank’s market coverage has expanded considerably in recent years, particularly in the number of listed assets and trading pairs.
- Listed Assets: 800+ cryptocurrencies.
- Trading Pairs: 1,000+ pairs.
- Derivatives: Availability of futures and leveraged tokens alongside standard spot markets.
This is a measurable increase from the ~100 pairs noted in our 2018 report.
LBank’s top trading pairs (CoinMarketCap)
Liquidity Analysis
Liquidity is a primary risk factor for users. Our previous research flagged "artificial" volume patterns. Current independent metrics from 2025 suggest a more organic market structure, though risks vary by asset class:
- Major Pairs (BTC/ETH): Independent metrics indicate competitive order book depth (±2%).
- Low-Cap Assets: Users should anticipate thinner order books and higher slippage on smaller meme assets, which is consistent with the inherent risk of those markets.
Liquidity assessments in 2025 present a more complete picture than those available in 2018, when limited data led to concerns about volume reliability. Today, multiple third-party aggregators provide standardized depth measurements that offer clearer insight into LBank’s market quality.
Fiat Access, P2P Functionality, and Fees
Custody of fiat currency introduces significant regulatory risk. LBank’s current operational model attempts to mitigate this by relying on licensed third-party settlement layers rather than direct banking relationships.
Credit/Debit Cards: Purchases via Visa/Mastercard are processed by licensed third-party Payment Service Providers (PSPs). LBank states they do not handle raw card data.
P2P Market: The exchange utilizes an escrow-based P2P model. Fiat transfers occur off-platform directly between users, while the crypto is held in escrow.
Regional Restrictions: The exchange explicitly states it does not operate CNY fiat business, distancing itself from previous regulatory friction points in China.
Fee Structure
LBank utilizes a standard Maker-Taker fee schedule. The fees are competitive relative to the industry average for centralized exchanges.
Security Overview
The most critical aspect of this update is the evolution of LBank's security posture. In 2018, our analysts identified critical lapses, including the absence of a bug bounty program, weak WAF configurations, and missing security headers.
Current Status (2025) According to updated data from CER.live, a cybersecurity rating platform, LBank’s security infrastructure has undergone necessary upgrades.
CER.live Cybersecurity Rating
- BBB cybersecurity rating
- ~78% security score
- Approved penetration test
- Active bug bounty program
Conclusion
The data indicate that LBank has undergone material evolution since our 2018 research. The transition from a small, regional platform to a global exchange with verified security ratings (BBB via CER.live) and an active bug bounty program addresses many of the technical flaws we previously identified.
However, the "Trust" score of an exchange is dynamic. As with any centralized platform:
- Custodial Risk: "Not your keys, not your crypto" remains the golden rule.
- Asset Risk: LBank lists high-volatility assets that require caution.
- Regulatory Risk: Users must ensure they are compliant with their local jurisdictions when trading.
While the security infrastructure has measurably improved, we do not endorse specific platforms. We advise users to utilize this data as part of a broader due diligence process.
