but I cannot seem to find any hint that this issue can be elegantly solved without integrating with Lime LM.
You don't have to use LimeLM, but we have a full example showing how to do this. In other words, we've simplified the entire process for you. If you're already a LimeLM user you can see how to do this by reading the "SaaS and time-limited licensing" article and downloading the source code on your API page.
So, if somehow is already possible to not allow the user to use the wyUpdate.exe from outside the application,please tell me how and do not read further... else...
The way you limit updates is to do it server-side. This way the user can't workaround your limitations on the client-side. In other words: either you send the file or you don't. We mention this in the How to prevent or limit updates article. The article describes how you can use the %urlargs% variable in wyBuild and the -urlargs commandline switch in wyUpdate to send special data to your server. For instance, you can use the "urlargs" variable and arg to send a product key to your server. Add a download site like this:
http://yoursite.com/limit.php?update=%file%&pkey=%urlargs%
Then, you can pass the product key to your server like this:
automaticUpdater1.wyUpdateCommandline = "-urlargs:\"" + TurboActivate.GetPKey() + "\"";
On your sever you can create a script that reads this product key, gets the license data associated with the product key, and if the "update_expires" value is later than today deliver the update file.
So, you don't have to use LimeLM, you can build the whole system yourself. But if you don't want to build it yourself, or your licensing software can't run on your server, then get LimeLM.