FCA Raises Red Flag on Crypto Exchange LYKKE

The UK’s Financial Conduct Authority (FCA) has
issued a warning, cautioning against engaging with LYKKE due to the crypto exchange’s
potential unauthorized financial promotions. The regulator mentioned that the
exchange was promoting financial services or products without obtaining
the required authorization from the regulatory body.

The FCA’s alert provides specific details about this alleged
unauthorized firm, warning individuals and firms against engaging with
it. This includes a cautionary list of
contact details associated with LYKKE, including email addresses, a website,
mobile applications, and various social media platforms.

LYKKE operates under its distinctive name across
various digital platforms. This entity can be reached through multiple contact
points, including emails associated with support, public relations, and listing
inquiries: support@lykke.com, pr@lykke.com, and listing@lykke.com.

Additionally, LYKKE maintains an official website,
accessible at https://www.lykke.com/, through which users can potentially
engage with its services. The firm has its presence across mobile applications on Apple’s App Store and Google Play, where it offers functionalities
for buying, selling, and investing in various assets.

Moreover, LYKKE has established a social media
footprint on platforms such as Twitter (https://twitter.com/lykke),
Instagram (https://www.instagram.com/lykkecity/), and Facebook
(https://www.facebook.com/LykkeCity) to potentially engage with users and
promote its offerings, the regulator said.

LYKKE https://t.co/RBPJ9CrrSz

— Jared Kirui (@JaredLopta79285) December 8, 2023

This latest warning arrived a few days after the FCA raised concern about Poloniex, a prominent crypto exchange,
cautioning against its operations in the UK. This warning was prompted by concerns
about the safety of financial transactions following Poloniex’s $100 million
hack last month.

UK Targets More Crypto Firms

The warning, unveiled on December 6, prohibited entities like Poloniex from endorsing financial services in the
UK. It emphasized the lack of financial law
protecting individuals engaging with unauthorized entities. Thus, the FCA
has placed Poloniex under scrutiny.

Similarly, the UK’s financial watchdog raised the alarm against Bitfinex, highlighting the potential risks linked to the crypto
exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term‘s operations. The FCA’s cautionary warning, issued in October, pointed
out the likelihood of the company promoting financial services without official
authorization.