EXCHANGE TRADING RULES

1. INTRODUCTION 

1.2. Pursuant to the Client Agreement, these Rules, as amended from time to time, apply to, and is binding on, all  Users of the Company. As a part of the Client Agreement, Users are required to: 

1.2.1. read, understand, and abide by (a) these Rules (as amended from time to time) to have access to and  continued use of the Platform; (b) any rules and procedures issued by the Company under these  Rules; (c) the provisions of any notice issued by LBank; (d) requirement, decision or direction of  LBank made in accordance with these Rules, subject always to LBank’s Complaints Handling Policy. 

1.2.2. read and acknowledge the risk disclosure statement, before being allowed to trade on the Platform; 1.3. A User who does not acknowledge the risk disclosure statement is not permitted to trade on the Platform. 

1.4. These Rules form part of the Client Agreement entered into by each User with LBank and in the event of any  conflict between these Rules and the Client Agreement, these Rules shall prevail. 

1.5. These Rules along with the Client Agreement constitute a binding contract between LBank and each User. A User’s continued use of the Platform will be considered as an agreement to abide by these Rules and the Client  Agreement. 

2. DEFINED TERMS 

2.1. In these Rules, the following words and phrases have the meanings shown next to them, unless the context  requires otherwise.

3.1. These Rules shall be applicable to all Users and to all transactions facilitated on the Platform. 3.2. These Rules and amendments thereto shall be effective from the date of the publication. 

3.3. These Rules shall continue to apply to a User for a period of 12 months following the User’s termination, as  provided for under Rule 14. 

9. USER’S CONTINUING OBLIGATIONS 

9.1. A User must comply with the following continuing obligations, as they apply to them: 

9.1.1. abstain from participating in illegal, unlawful, illegitimate or prohibitive activities such as Market  Manipulation, Market Abuse, misleading acts or practices, fraudulent transactions, or actively engage  in Financial Crime; 

9.1.2. abstain from using a web crawler or similar technique to access the Platform or to extract data; 

9.1.3. abstain from using Virtual Private Networks (“VPNs”) for the purposes of circumventing their  regulatory restrictions; 

9.1.4. abstain from reverse engineering or disassembling any aspect of the Platform or LBank’s website or  mobile application in an effort to access any source code and underlying ideas, concepts or  algorithms; 

9.1.5. abstain from taking any action that imposes an unreasonable or disproportionately large load on the  Platform, or detrimentally interfere with, intercept, or expropriate any system, data or information;

9.1.6. abstain from depositing or sending Virtual Assets from and to wallet addresses that are suspected of  Financial Crimes; 

9.1.7. abstain from infringing upon LBank’s or any third party's copyright, patent, trademark, or intellectual  property rights; 

9.1.8. create a unique password and maintain the security of their Account by protecting their password  from unauthorized access or use; 

9.1.9. maintain a valid email address and phone number and promptly update any information they have  provided so that the information is complete and accurate at all times; 

9.1.10. prepare and maintain computers, software and other devices, and telecommunication lines and other  communication environments which are necessary to use the Platform ; 

9.1.11. prepare and maintain security systems suitable for their environment for use of the Platform to avoid  computer virus attacks, unauthorized access, information leakage, etc.; 

9.1.12. co-operate with LBank and any Competent Authority during any investigation that is conducted in  relation to the User’s conduct on the Platform ; 

9.1.13. ensure that it makes all the notifications required under Rule 10 in a timely manner; 9.1.14. comply with undertakings given by the User, and any other agreement between the User and LBank; 

9.1.15. comply with the procedural, operational, and technical requirements of LBank’s systems and networks, as specified by LBank from time to time which are necessary for the use of the Platform; 

9.1.16. ensure any information or documents relating to the User provided to LBank, including but not  limited to CDD information and documents, are kept up-to-date and are complete, true and accurate; 

9.1.17. where applicable, maintain required personnel and technical resources to ensure the User’s compliance, as required under Rule 7.; 

9.1.18. pay such fees and charges as may be applicable to the User; 

9.1.19. indemnify LBank in full in respect against all liabilities, costs, damages, and expenses arising from or  relating from the User’s access to or use of the Platform. Such indemnity includes and extends to  damages arising from direct acts or omissions (including without limitation breach of these Rules  and/or violation of any Applicable Laws and Regulations) as well as any judgments, settlements, and  expenses (including reasonable legal fees and other legal costs) arising from threatened or actual  lawsuits, investigations, proceedings, or other claims between a User and LBank or a third party  relating to the use of the Platform; 

9.1.20. observe high ethical standards to preserve market integrity and act with honesty, integrity, fairness,  due skill and care when conducting any activities on the Platform; 

9.1.21. refrain from any action or conduct which may impact or harm the reputation of LBank; 9.1.22. continue to meet the eligibility criteria under Rule 6 at all times as long as they are Users; and  9.1.23. ensure to log out from the Account at the end of each session when accessing the Platform. 

9.2. Users are responsible for all acts and omissions conducted on their Account, whether or not any such acts and  omissions are authorised. 

9.3. Each User shall act as principal in respect of all of its interactions with LBank and activities on the Platform.  

9.4. In addition to the conditions provided for User’s conduct under Rule 15 (Prohibited Conduct), User also shall  abstain from engaging in any other activity which, in LBank’s reasonable opinion, amounts to or may amount  to Market Abuse, as provided under Rule 22 of these Rules. Without limiting the generality of the foregoing,  the User shall not:

9.4.1. engage or attempt to engage in any illegal, unlawful, illegitimate or fraudulent act or engage or attempt  to engage in any scheme to defraud, deceive or trick, in connection with or related to any Order or  trade on or other activity related to LBank; 

9.4.2. make or assist in placing any such Order with the knowledge that such Order is being placed on the  Platform for the purpose of generating unnecessary volatility or creating a condition in which prices  do not or will not reflect fair market values; 

9.4.3. engage in conduct that is in violation of any Applicable Laws and Regulations; 

9.4.4. access the Platform in any way which could be expected to bring disrepute upon the User or the  Platform;  

9.4.5. place simultaneous buy and sell Orders that could potentially execute against each other, and it is a  violation of these Rules or the Client Agreement in a way that has the effect of misleading the market;  

9.4.6. make any misstatement of a material fact to LBank, its board of managers, any committee thereof, or  any director, officer, manager, or employee of LBank; and/or 

9.4.7. place or accept buy and sell Orders at the same price, where the User knows or reasonably should  know that the purpose of the Orders is to avoid taking a bona fide market position exposed to market  risk (transactions commonly known or referred to as wash trades). Buy and sell Orders from different  accounts with common beneficial ownership and/or affiliation that are placed with the intent to: (i)  negate market risk or price competition, or (ii) achieve a favorable fee schedule and the resulting  benefits, shall also be deemed to violate this obligation in relation to wash trades. 

9.5. The User shall not: 

9.5.1. coordinate prices (including quotations), trades, or trade reports with any other User or any other  person; 

9.5.2. direct or request another User to alter a price (including a quotation); or 

9.5.3. engage, directly or indirectly, in any conduct that threatens, harasses, coerces, intimidates, or  otherwise attempts improperly to influence another User or any other person.  

9.6. Users are responsible for ensuring that they have: 

9.6.1. sufficient authority to transact business on the Account;  

9.6.2. sufficient knowledge and understanding of their responsibilities under these Rules and the Applicable  Laws and Regulations at all times; 

9.6.3. sufficient knowledge, understanding and experience with respect to financial markets, Virtual Assets,  and trading. 

10. NOTIFICATION OBLIGATIONS 

10.1. A User must notify LBank as soon as practicable: 

10.1.1. if they have or may have committed a material breach of these Rules, the Client Agreement or any  relevant Applicable Laws and Regulations; 

10.1.2. if a Competent Authority is investigating or instituting any investigation, disciplinary or enforcement  proceedings against the User; 

10.1.3. the receipt of an injunction, or the imposition of a sanction against the User by any of the Competent  Authority relating to the User’s activities on the Platform or which may otherwise be material in the  context of the User’s obligations under these Rules; 

10.1.4. the occurrence of any Default Event; 

10.1.5. if they discover or suspect any unauthorized access or use of their Account or any security breaches  related to their Account;

10.1.6. any material change in the User’s ability to comply with these Rules or any relevant Applicable Laws  and Regulations; 

10.1.7. any changes or prospective changes affecting its ability to meet the criteria set out any matter which  results in the User being unable to comply with the eligibility criteria under Rule 6. or its continuing  obligations under Rule 9.; and 

10.1.8. if there is a need to report a material incident in relation to their Account, including any material  operational problems or security concerns related to their Account. 

10.2. The aforementioned notifications must be made using the appropriate means as notified by LBank to the User  from time to time, including through the user interface. 

11. COMMUNICATIONS WITH USERS  

11.1. All communications, agreements, documents, notices and disclosures that LBank provides under these Rules  and in connection to a User's Account, in the absence of any express agreement to the contrary, shall be deemed  to be to be duly notified to the User if: 

11.1.1. posted on LBank’s website; or 

11.1.2. sent to the User’s last known registered email address. 

11.2. All communications between a User and LBank shall be in English or Arabic. This includes every document or  information provided or required to be provided by a User to LBank. 

12. LISTING OF VIRTUAL ASSETS 

12.1. LBank shall only admit to trading on the Platform Virtual Assets that have been approved by VARA for LBank and are in accordance with the virtual assets standards approved by the VARA. 

12.2. The decision to admit a Virtual Asset for trading on the Platform is at the sole discretion of LBank. LBank shall  publish a notice pertaining to the admission of a new Virtual Asset which shall comprise of details including,  inter-alia, the effective date of such admission. 

13. DELISTING OR SUSPENSION OF VIRTUAL ASSETS  

13.1. LBank shall delist a listed Virtual Asset or have Suspension of Trading for a listed Virtual Asset if: 13.1.1. such delisting or suspension has been approved by the VARA; or 

13.1.2. such delisting or suspension is required for LBank to comply with Applicable Laws and Regulations;  13.1.3. such delisting or suspension is required to protect the fair and orderly operation of the Platform; 

13.1.4. Any Virtual Asset exceeds or is likely to exceed any specific parameters published on the Platform,  including where, in LBank’s discretion, a Virtual Asset, is exhibiting unusual or excessive price  volatility; 

13.1.5. a Virtual-Asset no longer complies with the Rules and/or Virtual Asset standards of the Platform  (unless such Suspension of Trading or delisting would likely cause significant damage to the User’s interests or the orderly functioning of the market);  

13.1.6. such delisting or suspension is required as a result of a hard fork affecting the relevant Virtual Asset;  and/or 

13.1.7. such delisting or suspension is required in connection with a Downtime.  

13.2. The decision to delist, or impose a Suspension of Trading for, a listed Virtual Asset is at the sole discretion of  LBank. LBank shall delist, or impose a Suspension of Trading for, listed Virtual Assets: 

13.2.1. where the specific Virtual Asset no longer complies with these Rules and/or Virtual Asset standards,  unless such suspension or delisting would likely cause significant damage to the Users’ interests or  the orderly functioning of the market; 

13.2.2. when it deems such action is necessary for maintaining a fair and orderly market, the protection of  LBank or any Users and otherwise in public interest;  

13.2.3. where LBank reasonably believes that the specific Virtual Asset poses and is likely to pose actual or  potential risks to LBank, the Platform, any Users, the market or public;  

13.2.4. where LBank reasonably believes that it is obliged to do so;  

13.2.5. where the VARA or any other Competent Authority has required LBank to take such actions; and/or  13.2.6. whether LBank reasonably believes that it has reasonable grounds to do so.  

13.3. Where LBank decides to delist a listed Virtual Asset, it shall: 

13.3.1. publish a notice pertaining to the delisting of a listed Virtual Asset which shall contain the effective  date of such delisting, in order to ensure that Users are able to close out any balances in their Account by the stipulated date; 

13.3.2. cancel any Open Orders in relation to such delisted Virtual Assets from the effective date of delisting; 

13.3.3. not allow Users to enter any Orders in relation to such delisted Virtual Assets from the effective date  of delisting; and 

13.3.4. not allow Users to deposit the delisted Virtual Assets from the date of notice mentioned under Rule  13.3.1. 

13.4. Where LBank decides to impose a Suspension of Trading for a listed Virtual Asset, it shall: 

13.4.1. publish a notice pertaining to the Suspension of Trading of a listed Virtual Asset which shall contain  the effective date of such suspension and the duration of such suspension (if known by LBank); 

13.4.2. not allow Users to enter any Orders in relation to such suspended Virtual Assets from the effective  date of Suspension of Trading; and 

13.4.3. not allow any Open Orders to be Filled during the period of Suspension of Trading.  

13.5. LBank will resume trading as reasonably practicable and when LBank deems it is appropriate in its sole discretion  to do so. LBank shall not assume any responsibility or liability or be held liable to the Users or any third parties  for the costs, damages or consequences of any such actions. 

14. SUSPENSION OR TERMINATION OF USER ACCESS 

14.1. LBank may at its absolute discretion, and without liability, suspend or terminate access to, and the use of, the  Platform to any User, for any reason, including but not limited to where: 

14.1.1. the User becomes a Defaulter (See Rule 16.); 

14.1.2. LBank is required to do so under any Applicable Laws and Regulations or by the order of any other  Competent Authority; 

14.1.3. LBank has concerns about the security of a User's Account, or LBank suspects that the Account is  being used in a fraudulent or unauthorized manner (including when the User notifies LBank of the  same); 

14.1.4. the User ceases to meet the eligibility criteria mentioned under Rule 6.; 

14.1.5. the User’s conduct on the Platform is determined by LBank to be inconsistent with, or detrimental  to, the operation and maintenance of a fair and orderly market on the Platform; 

14.1.6. the use of a User’s Account is subject to any pending litigation, investigation, or government  proceeding and / or LBank perceives a heightened risk of legal or regulatory non-compliance  associated with a User's conduct on the Platform;  

14.1.7. the User takes any action that may circumvent or attempts to circumvent our controls, such as  opening multiple Accounts, abusing promotions which we may offer from time to time, or  circumventing suspensions and terminations through any other method;  

14.1.8. the User has actually or potentially infringed the rights of any other Users of the Platform; or 

14.1.9. the User’s act or omission, in LBank’s opinion impairs or prejudices the goodwill or reputation of  LBank; 

14.2. In the event of suspension or termination of a User access to, and use of, the Platform: 14.2.1. all Open Orders in respect of that Users may be cancelled; 

14.2.2. all transactions shall continue to be binding on such User, and the terms of such transactions shall  be unaffected by such suspension or termination; and 

14.2.3. any access credentials attributed to the User may be disabled and access to Platform removed. 

14.3. The suspension or termination imposed by LBank may be immediate or from a date specified and for such  period as may be decided in the sole discretion of LBank. 

14.4. LBank shall endeavour to notify the Users by email of a decision to suspend or terminate their access to, and  use of, the Platform. 

14.5. LBank may revoke a suspension if it is satisfied that the reason for suspension has been remedied. Where the  violation has not been remedied, LBank may further extend the period of suspension. 

14.6. The User who has been subject to suspension or termination shall remain subject to these Rules and the Client  Agreement in respect of acts and omissions while they were registered as a User and in respect of any  investigation or disciplinary proceedings relating thereto. This includes the obligation to pay for outstanding  fees or other sums due by the User to LBank or another User which are yet to be settled. 

14.7. LBank shall terminate a User’s access to the Platform permanently and immediately upon the termination of  the Client Agreement. 

15. PROHIBITED CONDUCT 

15.1. Users are strictly prohibited from participating in, aiding, abetting, allowing, financing, supporting, or otherwise  endorsing any behaviour involving market abuse, fraud or any conduct contrary to LBank’s AML procedures  or Applicable Rules and Regulations including but not limited to: 

15.1.1. engaging in any conduct that is calculated to, or that creates a significant risk of, misleading the market  including sharing, publishing, broadcasting or otherwise disseminating false or misleading  information on Virtual Assets; 

15.1.2. engaging in any conduct amounting to Market Manipulation, including the placing of any Order for: 

(a) creating or executing fictitious transactions or place any Order for a fictitious transaction with  knowledge of its nature; 

(b) place any Order on the Platform which has been pre-arranged (or discussed with another market  participant prior to being placed on the Platform) for the purpose of creating an artificial price,  fictitious trade, or another disruptive, fraudulent, non-competitive, or unfair impact on the  Platform; 

(c) to give or potentially give a false or misleading interpretation of the supply and/or demand for  a Virtual Asset; and/or 

(d) creating an abnormal or artificial price. 

15.1.3. engaging in any conduct that is calculated to create, or creates, a significant risk of, overloading or  otherwise impairing the operation of the Platform. 

15.2. Each User acknowledges and agrees that if any such techniques or activities are detected (or are reasonably  suspected) through LBank’s market surveillance system or by any other means then any User found or  reasonably suspected by LBank to have participated, aided, abetted, allowed, financed, supported or otherwise  endorsed any behaviour will be subject to disciplinary action in accordance with these Rules.

15.3. Each User agrees and acknowledges that User will not involve in any Unlawful Disclosure of Inside Information.  ‘Unlawful Disclosure’ shall refer to the disclosure of Inside Information to any other User or third party except  where such disclosure is made in the normal exercise of an employment, a profession or duties.  

15.4. Each User acknowledges that User will not involve in any situation of recommending, counselling, procuring  or otherwise facilitating or inducing another User or any third party to engage in Insider Dealing where the User  possesses Inside Information and on the basis of that Inside Information, recommends or induces another User  or any third party to: 

(a) carry out a transaction in relation to the Virtual Asset to which that Inside Information relates; or 

(b) cancel or amend a transaction or order concerning a Virtual Asset to which that Inside Information relates  or induces that User or third party to make such a cancellation or amendment. 

15.5. The User shall not engage in any trading, practice, or conduct on the Platform that: (a) demonstrates an intentional or reckless disregard for the orderly execution of transactions; or (b) is, of the character of, or is commonly known as “spoofing” (bidding or offering with the intent to cancel  the bid or offer before execution). 

15.6. Users agree and acknowledge that Users shall not: 

(a) engage or attempt to engage in Insider Dealing; 

(b) recommend that another User or any third party engage in Insider Dealing or induce or otherwise  facilitate another User or any third party to engage in Insider Dealing; or 

(c) engage or attempt to engage in Unlawful Disclosure. 

16. DEFAULT RULES AND DISCIPLINARY ACTIONS 

16.1. LBank defines a Default Event as any one of the following: 

16.1.1. failure by a User to meet any of its obligations under the Client Agreement, these Rules, undertakings  given by the User or any other agreement between the User and LBank;  

16.1.2. breach of these Rules or the Client Agreement by a User ;  

16.1.3. misrepresentations made by a User ; 

16.1.4. User is declared bankrupt or seeks a voluntary arrangement in respect of its debts or it is reasonably  foreseeable that the User may be subject to bankruptcy or winding-up proceedings; 

16.1.5. User engages in or attempts to engage in any form of Market Abuse; or 

16.1.6. an event of an enforcement proceeding, sanction, formal notification or injunction against the User  by a Competent Authority. 

16.2. LBank may, at its absolute discretion, declare the relevant User as a Defaulter on the occurrence of a Default  Event. Declaration of a User as a Defaulter shall be made by email to the Defaulter. 

16.3. Upon declaring a User as a Defaulter, LBank may initiate, taking into account the severity of the Default Event,  inter-alia, any of the following disciplinary actions: 

16.3.1. Issuing a written warning to the Defaulter; 

16.3.2. requiring the Defaulter, via a notice, to provide any information or document within a specified time  to assist LBank in its investigation of the Default Event; 

16.3.3. requiring the Defaulter, via a censure or a written notice, to remedy the Default Event, where possible  or desirable by LBank in its sole discretion, within the time it specifies; 

16.3.4. cancelling some or all Orders or transactions of the Defaulter; 

16.3.5. selling some or all of Defaulter’s Virtual Assets to the credit of the Defaulter's Account; 16.3.6. suspending or terminating the Defaulter’s access to the Platform, in accordance to Rule 14.; 16.3.7. blocking the Defaulter’s access to their Accounts; 

16.4. LBank reserves the right to report any Default Event and any disciplinary action taken by LBank in respect of  any such Default Event to the relevant Competent Authorities. LBank will not, and has no obligation to, notify  a User before reporting any Default Event to any of the Competent Authorities. 

17. TRADING RULES 

Trading hours  

17.1. Barring any Downtime (See Rule 17.2.-17.4.) or Suspension of Trading (See Rule 14), the Platform is intended  to be open 24 hours a day, 7 days a week, each day of the year. 

Downtime and maintenance 

17.2. From time to time, LBank may halt trading on the Platform or restrict Users’ access to the Platform or their  Accounts to conduct maintenance, upgrade systems or in case of any emergency situations or unforeseen  technical issues. 

17.3. Scheduled Downtime will be communicated in advance to the Users via email or notice on LBank’s website. 

17.4. In the event of any unscheduled Downtime caused due to emergency situations (See Rule 24.3) or technical  issues (See Rule 24.4), LBank shall identify and notify each User affected by such situations of the nature and  effects of such situations.  

17.5. In addition to the actions that LBank may undertake as provided in these Rules and/or in the Client Agreement,  Users acknowledge and agree that LBank reserves the right (without any liability resulting of LBank or any  LBank’s affiliates involved in the provision of the LBank services) to disable, update, cancel, restrict or otherwise  modify any content, components or features of the Platform.  

Types of Orders and Conditions on Trading 

17.6. A User may place the following types of Orders on the Platform: 

17.6.1. a Market Order where User can purchase or sell a Virtual Asset at the market price. The market  Order is executed immediately at the best available current market price; 

17.6.2. a Stop limit order where an order is a conditional trade over a set timeframe with stop price and  limit price features. A stop-limit order will be executed at a specified price after a given stop price has  been reached. Once the stop price is reached, the stop-limit order becomes a limit order to buy or  sell at the limit price or better;  

17.6.3. a Limit Order where User sets a maximum or minimum price at which the order can be executed.  A limit order may get executed instantly only if there is a corresponding offer or it is parked in the  order book till there’s a corresponding price; or 

17.6.4. a Stop market order, which is similar to a stop-limit order, a stop-market order uses a stop price as  a trigger. However, when the stop price is reached, it triggers a market order instead. 

17.7. LBank does not warrant that a Market Order will Fill at the specified price. A Market Order may Fill at a number  of different prices, based on the quantity of the relevant Virtual Asset of the Order and the quantities of the  existing Orders on the Order Book at the time. 

17.8. A valid Market Order will be immediately posted to the Order Book. 

17.9. A Limit Order shall be Filled at the specified price or a better price. 

17.10. A Limit Order may result in a Taker Order or Maker Order, or even be partially both.  

17.11. A Limit Order that is not Executed immediately will remain in the Order Book until it is Filled by a Taker Order or cancelled by the User or LBank (See Rule 17.17 -17.18).

Placing of Orders 

17.12. Users can place Orders by accessing the Platform either through LBank’s website or mobile application. 

17.13. Users must have an available balance of the relevant Virtual Asset, and/or fiat currency (if applicable) in their  Account which is sufficient to cover the total value of the Order plus any applicable fees (i.e., all Orders are pre funded). When a User places an Order, the quantity of the relevant Virtual Asset (including any applicable fees),  and/or amount of fiat currency (if applicable), relating to the Order is placed on hold in the Account until the  Order Fills, expires, or is cancelled. Unfilled portions of User Orders will remain on hold until it Fills, expires,  or is cancelled. 

17.14. LBank records each User’s balance of Virtual Assets and fiat currencies. In the event that a User has an  insufficient balance of the relevant Virtual Asset or fiat currency in their Account for an Order, the Order shall  be automatically rejected, and shall not be entered into the Order Book.  

17.15. Users can also view the execution status in the order section of the product, which will be displayed on the  interface. 

17.16. A binding contract between Users is created when an Order is Filled and the User must bear the consequences  of any errors made in the placing of an Order. The User is responsible for all obligations and liabilities arising  from the entry, cancelation and Execution of all Orders placed by the User. 

Cancellation of Orders 

17.17. Users may cancel an Order only before it is Executed (including, in case of partial Execution, in relation to any  part that remains to be Executed). 

17.18. LBank reserves the right to cancel Orders where in the opinion of LBank, the Order is not in the best interests  of a fair and orderly market, is required as a disciplinary action for Defaulters, or if the Order appears to be: 

17.18.1. contrary to Applicable Laws and Regulations; 

17.18.2. indicative of Market Abuse; 

17.18.3. unauthorised;  

17.18.4. an erroneous trade. 

17.19. Users will receive an email notice every time an Order is cancelled. 

Trade reversals 

17.20. LBank reserves the right, in its sole discretion, to review and (where practicable) reverse any Order that has  been Executed where: 

17.20.1. LBank is required to do so under Applicable Laws and Regulations; 

17.20.2. LBank is required to do so by the order of VARA or any other Competent Authority; 17.20.3. the Fill resulted from a technical failure (malicious or otherwise) or is in breach of these Rules. 

17.20.4. The trade was Executed at a price which LBank reasonably considers to be substantially inconsistent  with the prevailing market levels at the time of Execution and which reasonably appears to LBank,  to have been entered in error or with malicious or illegitimate purposes; 

17.20.5. a trade which LBank reasonably considers to be substantially inconsistent with the normal trading  size of that pair, and which reasonably appears to LBank to have been entered in error or with  malicious or illegitimate purposes; and/or 

17.20.6. a trade determined by LBank to have been an error trade following receipt of a written request from  a User in accordance with these Rules; 

17.21. Where a trade has been reversed, LBank shall provide the pertinent parties to the trade a notice which shall  consist of the reasons for such reversal.

17.22. A User, who believes that a trade has been entered in error may, within 30 minutes after Execution, initiate  reversal of such trade by sending a written request to customer support team, specifying the details of the trade  and reasons for why the trade has been entered in error. LBank may review such request, however, LBank may  in its sole discretion, decline (without an obligation to provide a reason) to review the request that does not  satisfy LBank’s requirements.  

Order matching 

17.23. LBank shall match Orders on "Price-Time Priority" (“PTP”) basis. 

17.24. PTP means that each time a Taker Order is placed:  

17.24.1. the Taker Order is matched with the Maker Order placed earliest in time and at the best price available  on the Order Book;  

17.24.2. if the Taker Order is not completely Filled by that Maker Order, it is matched with any subsequent  Maker Orders at that price, in the sequence those Maker Orders were posted; and  

17.24.3. if the Taker Order is not completely Filled by one or more Maker Orders described above, it is  matched with one or more Maker Orders at the next best price, in the sequence those Maker Orders  were posted. 

17.25. The process mentioned under Rule 17.24. is repeated until the Taker Order is completely Filled, cancelled or  becomes a Maker Order. 

17.26. A Fill occurs when a Maker Order is matched with a Taker Order, thereby resulting in a trade.

Record keeping 

17.27. LBank shall record the following details in relation to every Order: 

17.27.1. User’s name and identification number; 

17.27.2. Account number and/or wallet address of the User;  

17.27.3. Date and time of the Order; 

17.27.4. Names and quantity of the Virtual Assets to which Order relates; 

17.27.5. Price at which Order is placed; 

17.27.6. Order type and whether it is to buy or sell a Virtual Asset; and 

17.27.7. Status of Order. 

17.28. LBank shall record the following details in relation to every Order that is Executed: 17.28.1. User’s identification number for whom Order has been Executed; 

17.28.2. Date and time of Execution; 

17.28.3. Names and quantity of the Virtual Assets bought or sold; and 

17.28.4. Price of Transaction, i.e., the price at which the Order is Filled. 

17.29. The records mentioned under this Rule are maintained for minimum period of 8 years.

18. SETTLEMENT 

18.1. The settlement cycle for the Platform is structured in a way to ensure timely and secure transactions. When  Users sell Virtual Assets against fiat currency, the settlement of the fiat money is typically completed within 24  hours. For Users purchasing or swapping Virtual Assets, the settlement cycle to transfer assets to the Users  LBank account is expected to be immediate or completed within a few minutes, depending on the transaction  volume and network conditions.  

18.2. LBank is committed to providing quick, efficient, and reliable settlement processes to ensure users have seamless  access to their assets.

18.3. Trades that are settled are reflected in the User’s transaction history. 

18.4. The abovementioned process occurs off-chain. 

18.5. The settlement of a trade is effected on a bilateral basis between the relevant Users and each User shall place  Orders as principal and be the counterparty of the other in respect of the relevant trade. 

19. TRANSPARENCY 

Pre-trade transparency 

19.1. LBank shall make available, on a continuous basis while the Platform is in operation, details of current bid and  offer prices and an indication of trading interest at those prices. 

Post-trade transparency 

19.2. LBank shall make available, as close to real-time as technically possible on a non-discretionary basis, details of  the price, volume and time of each trade Executed on the Platform. 

20. FEES 

20.1. A User must pay to LBank all applicable charges or other sums set out in the relevant fee schedule from time  to time published on the Platform. LBank shall provide reasonable advance notice to Users of any changes to  any such fee, or the imposition of any new fee or charges. 

20.2. Every trade will be subject to a fee. LBank will charge Users a fee only upon execution of the Order.  

20.3. LBank will display the applicable fee to Users on the user interface prior to each transaction, and this transaction  fee is stated in each confirmation that is issued to Users. Furthermore, there will be a separate page for fees,  which Users can refer to for confirmation. 

21. PRE-TRADE RISK CONTROLS 

21.1. LBank shall implement pre-trade risk controls for all Orders, both on receipt and prior to Execution, to: 

21.1.1. provide appropriate protection for Users against fraud, misconduct, recklessness, negligence or errors  by LBank and/or other Users; 

21.1.2. detect activities that might reasonably be considered to be or to involve any element of Market Abuse; 21.1.3. mitigate risks and prevent entering potential Orders into the Order Book that may: a) create false and misleading appearance of trading activity; and 

b) execute any trade for improper purposes. 

21.2. In an effort to protect the market integrity, mitigate the overall market risk and guard against trading errors and  disruptive Orders such as “fat finger” mistakes and other sources of extreme market volatility in trading, LBank has implemented a trading control functionality that validates a Limit Order’s price against the most recent  snapshot of the resting best bid/ask for a given Virtual Asset within the Order Book. Limit Orders that fall  outside a prescribed pre-trade risk limit, as determined by LBank for each trading pair, will trigger a warning  message. 

21.3. Lbank’s risk control mechanism ensures that each Virtual Asset has its set market price. If the User’s input price  significantly deviates from the current market price, the transaction will be halted. The system interface will  notify the User via a prompt indicating an abnormal price input and request a price adjustment before  proceeding. 

22. MARKET ABUSE, MARKET OFFENCES, FINANCIAL CRIMES, MONITORING AND SUSPICIOUS  TRANSACTIONS 

22.1. The User shall not engage in any type of Market Abuse, Financial Crime, Market Manipulation or other offences,  crimes or unlawful activities including but not limited to Insider Dealing, money laundering, Unlawful Disclosures, misuse of any information including Inside Information, manipulating transactions, manipulating  devices, misleading behaviour and distortion of prices. 

22.2. Orders placed on the Platform, and trades Executed on the Platform must be made in good faith for the purpose  of entering into bona fide transactions. 

22.3. The User may only transfer fiat currency between their Account and pre-registered bank accounts under their  name and registered with LBank. The User must comply with relevant Financial Crime and AML legislation in  force in the United Arab Emirates, and in any other jurisdiction to the extent that such legislation applies to the  User. The User must comply with any request for information made by LBank. 

22.4. LBank is committed to ensuring that its markets trade fairly and orderly, and will take all necessary steps to  identify, monitor, deter, and prevent any conduct which may amount to Market Abuse and Financial Crime  through LBank’s facilities. LBank uses proprietary and third-party software applications for market surveillance  to monitor for Market Abuse, Financial Crime, and other suspicious activities on a real-time basis and reserves  the right to cancel any trades or Orders that it reasonably deems suspicious.  

22.5. Where LBank suspects Market Abuse or Financial Crimes on part of any User, it shall immediately report such  suspicions to the Competent Authorities. 

23. PENALTIES 

23.1. In the event of a violation of any of these Rules, the User shall be subject to penalties as determined by LBank. 

23.2. The penalties for the violation of these Rules may include but are not limited to, suspension or termination of  the User's Account, or any other action deemed appropriate by LBank. 

23.3. The User acknowledges and agrees that LBank may, at its sole discretion, modify the penalties for the violation  of these Rules from time to time. 

23.4. The User shall be notified of any changes to the penalties for the violations of these Rules, as and when they  occur. 

24. MEASURES TO MAINTAIN FAIR AND ORDERLY TRADING 

Control measures 

24.1. In order to preserve market integrity, maintain fair and orderly trading, and to secure compliance with these  Rules, LBank may take any action, including market control measures, such as: 

24.1.1. imposing a Suspension of Trading (See Rule 13); 

24.1.2. modifying risk mitigating measures (See Rule 21); 

24.1.3. suspension or termination of User access to the Platform (See Rule 14.); 

24.1.4. cancelling Open Orders (See Rule 17.17); 

24.1.5. reversal of Orders that have been Executed (Rule 17.20); or  

24.1.6. any other actions deemed by LBank to be in the best interest of its Users and the Platform or to  preserve fair and orderly trading. 

Exceptional situations  

24.2. LBank may implement the control measures mentioned under Rule 24.1, in situations that are deemed by LBank to be exceptional, including: 

24.2.1. major price volatility of a Virtual Asset; 

24.2.2. decisions or information which are to be published imminently and which might have a significant  influence on the price of a Virtual Asset; 

24.2.3. changes in Applicable Laws and Regulations which affect LBank’s ability to provide services or  require remedial action before they can be resumed; or

24.2.4. other situations that LBank deems may compromise fair and orderly trading. 

Emergency situations 

24.3. LBank may implement the control measures mentioned under Rule 21, in emergency situations such as:` 24.3.1. failure of the Platform, including its access infrastructure or parts thereof; 

24.3.2. failure of a User's access to the Platform; 

24.3.3. failure of LBank’s custody or settlement infrastructure or systems; 

24.3.4. a Force Majeure event; or 

24.3.5. other emergencies that LBank deems may compromise fair and orderly trading. Technical issues 

24.4. LBank may implement the control measures mentioned under Rule 21, if any unforeseen technical issues  prevent or restrict Users’ ability to place or cancel Orders, or prevent or restrict access to the Platform or affect  the operation of the Order Book or the Platform. This includes malicious attacks, whether directly on the  Platform or on any third party, providing services in relation to the Platform. 

25. CUSTODY AND SAFEKEEPING ARRANGEMENTS 

Title and control 

25.1. Title to Users’ fiat currency and Virtual Assets shall at all times remain with Users. As the owner of the same,  the User bears all risk of loss. None of the fiat currency and Virtual Assets held in a User’s Account are the  property of LBank. 

25.2. User controls the fiat currency and Virtual Assets held in their Account. At any time, subject to Downtimes and  other applicable policies and restrictions, a User can withdraw their fiat currency and Virtual Assets by  transferring them to their bank account or external Virtual Asset wallet. 

Virtual Assets 

25.3. A User's Virtual Assets, to the credit of such User's Account, shall be held by LBank, on behalf of the User, in  a segregated omnibus client Virtual Asset wallet.  

25.4. Any Virtual Asset received by LBank from Users will be received and securely stored by LBank. LBank will be  the sole custodian of the private keys. 

25.5. LBank does not provide any interest on the Virtual Assets held on behalf of Users. 

25.6. LBank will hold User Virtual Assets in an omnibus segregated client Virtual Assets wallet and at no point will  the operational money or Virtual Assets of LBank will be co-mingled with client money or client Virtual Assets  respectively. 

Fiat currency 

25.7. A User’s fiat currency, to the credit of such User’s Account, shall be held by LBank, on behalf of the User, in a  segregated User money account with a retail bank licensed to do business in the United Arab Emirates. 

25.8. Users' fiat currency shall be pooled into one account. While the fiat currency belonging to different Users is not  physically segregated, they shall remain segregated from LBank’s own money. 

26. COMPLAINTS 

26.1. Any person may lodge a complaint with LBank in accordance with LBank’s Complaints Handling Policy, in  relation to any aspect of LBank’s operation of the Platform. LBank will address such complaint in accordance  with the Complaints Handling Policy or procedures, which is published on the Platform.