Lithuania LB Regulatory License Inquiry Process | How to Verify FX/Crypto Platform Compliance with the Central Bank of Lithuania

1. What is Lithuanian LB?

Lietuvos Bankas (LB) is the central bank of Lithuania and the main regulator of the country's financial markets.
The LB plays a dual role in the EU financial regulatory system:

1. Central bank functions : As a member of the Eurosystem, it participates in the European System of Central Banks (ESCB);

2. Financial regulatory functions : supervision of banks, payment institutions, foreign exchange/investment companies, and virtual asset service providers (VASPs).

📌 LB's core responsibilities

• Issuance and supervision of licenses : payment institutions (PIs), electronic money institutions (EMIs), investment companies, and virtual asset companies;

• AML/KYC review : monitoring anti-money laundering and customer identification compliance;

• Investor protection : establishing a public database to provide transparency on licenses;

• Cross-border coordination : Comply with EU regulations (such as MiFID II, PSD2, MiCA) and collaborate with ESMA, EBA, ECB.

2. Why check Lithuanian license plates?

In recent years, Lithuania has become the “new center” for EU fintech and crypto compliance due to the following reasons:

• The high efficiency of license approval has attracted a large number of payment and crypto companies to register in Lithuania;

• Through the EU passporting mechanism , licensed companies can conduct business throughout the EU;

• Since 2023, with the EU MiCA (Markets in Crypto-Assets Regulation) about to be implemented, Lithuania’s VASP registration has gradually received more attention.

However, risks also come with it:

1. Some companies have only completed industrial and commercial registration but have not obtained LB authorization;

2. False advertising : Some overseas forex platforms pretend to be "regulated by Lithuania," but in reality only have company registration numbers;

3. VASP confusion : Investors often mistakenly believe that “VASP registration” = “fully regulated,” when in reality it is only limited oversight.

👉 Therefore, when investors encounter a platform claiming to be “licensed in Lithuania”, they must check the LB public registry .

III. License Types Regulated by LB

1. Payment and electronic money

• Payment Institution (PI) : A payment company that handles payment and collection services;

• Electronic Money Institution (EMI) : can issue electronic money (such as digital wallets, prepaid cards).

2. Investment and Foreign Exchange

• Investment Firm (MiFID License) : Securities, foreign exchange, and derivatives trading services;

• Fund Management Company : Fund manager.

3. Virtual Asset Service Providers (VASPs)

• Crypto Exchange Services : virtual currency transactions;

• Crypto Wallet & Custody : virtual asset custody;

• Crypto-Fiat Conversion : Exchange of virtual currency and fiat currency.

4. LB License Inquiry Process (Step-by-Step)

Step 1: Enter the Bank of Lithuania public registry

👉 Lietuvos Bankas Register

Step 2: Select the query category

• Enter company name or registration number;

• You can filter by category (EMI, PI, Investment Firm, VASP, etc.).

Step 3: Confirm the license type and status

• Licensed / Authorised → Compliant;

• Revoked / Suspended → Revoked or suspended;

• Pending → Not yet approved.

Step 4: Cross-check company information

• Whether the company's full name is consistent with the official website;

• Whether the address is located in Lithuania;

• Whether the business scope is consistent with the license (the foreign exchange platform must be classified as an Investment Firm ).

Step 5: Check AML/KYC information

• The LB register will show whether a company has anti-money laundering obligations;

• If the company is only registered with the Industrial and Commercial Bureau but does not appear on the LB → the risk is extremely high.

Step 6: Check VASP registration and announcements

• LB will also publish a list of VASPs ;

• If the company is only registered in the "Company Registration Center" but not on the LB list → it does not have legal qualifications.

5. Practical Cases

✅ Compliance examples: Paysera LT, UAB

• Category : Electronic Money Institution (EMI)

• Status : Licensed

• Features : Payment and e-wallet services

• Result : Compliant✅

❌ Risk Example: Overseas Forex Platforms Impersonating "Lithuanian Licenses"

• Case : A forex website claimed to be "regulated in Lithuania," but only the company registration number could be found;

• Evidence : The company does not exist in the LB registry;

• Result : Unregulated → High Risk ❌

VI. Typical Penalty Cases

• 2021 : LB revoked the license of an EMI company due to insufficient capital and non-compliance with AML review;

• 2022 : Several crypto companies were fined and removed from the VASP list for failing to fulfill KYC obligations;

• 2023 : LB warns several overseas forex platforms of falsely advertising “Lithuanian licenses”.

VII. Investor Protection Mechanism

1. LB Public Registry : provides transparent license plate and status query;

2. EU passporting mechanism : licensed companies can operate across borders in the EU;

3. AML/KYC review : preventing money laundering and terrorist financing;

4. Investor Complaint Channel : Investors can submit complaints to LB;

5. EU legal protection : MiFID II, PSD2, MiCA and other regulations apply simultaneously.

8. Common Misconceptions

1. “Company registration” = regulated ❌;

2. If you only look at the official website promotion , you must cross-verify it at the LB registry;

3. Mistakenly believing that VASPs = full regulation ❌, and that VASP registration is only a minimum requirement;

4. Ignore the announcements , LB regularly publishes revocation and penalty information.

IX. Investor Recommendations

• You must check the LB Register + VASP list before investing;

• Three elements: company name + license type + status;

• Companies appearing in penalty announcements must recuse themselves;

• If there is only company registration information but no LB authorization → High risk.

10. Conclusion

Lithuania LB is an emerging financial and crypto compliance hub within the EU .

• Compliant companies (e.g. Paysera LT, UAB) can be found in the LB public registry;

• Illegal companies often only register with the Commercial Registry but pretend to be "licensed institutions";

• Investors must strictly follow the Step 1 – Step 6 process and combine it with the penalty announcement published by LB to effectively avoid the risks of false advertising and black platforms.