FCA Flags Crypto Exchange LYKKE for Unauthorized Financial Services Promotion

The UK's Financial Conduct Authority (FCA) has issued a warning advising individuals to exercise caution when dealing with LYKKE. The crypto exchange is being cautioned against due to its potential involvement in unauthorized financial promotions. The regulator body has highlighted that LYKKE is advertising financial services or products without obtaining the required authorization from the FCA.

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: [email protected], [email protected], and [email protected].

FCA Discloses LYKKE's Contact Information

Additionally, LYKKE maintains an official website, accessible at https://www.lykke.com/, through which users can potentially engage with its services. The firm has a 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

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

UK Targets More Crypto Firms

This alert, 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's operations. The FCA's cautionary warning, issued in October, pointed out the likelihood of the company promoting financial services without official authorization.

In response to the FCA's actions, Bitfinex expressed disappointment, highlighting its proactive measures in attempting to meet the FCA's requirements. Over the past few months, Bitfinex has reportedly engaged in detailed discussions with the regulator, taking steps to align with its demands.