FCA Raises Red Flag on Crypto Exchange LYKKE

FCA Raises Red Flag on Crypto Exchange LYKKE

Time Stamp: December 8, 2023 9:17 AM
Source Node: 3000974

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.

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 '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 FCA, taking steps to align with regulatory demands.

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.

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 '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 FCA, taking steps to align with regulatory demands.

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