FCA Flags Crypto Exchange LYKKE for Unauthorized Financial Services Promotion

<p>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.</p><p>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.</p><p>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].</p><p>FCA Discloses LYKKE's Contact Information</p><p>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.</p><p>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. </p><blockquote><p lang="da" dir="ltr">LYKKE <a href="https://t.co/RBPJ9CrrSz">https://t.co/RBPJ9CrrSz</a></p>— Jared Kirui (@JaredLopta79285) <a href="https://twitter.com/JaredLopta79285/status/1733137313947943039?ref_src=twsrc%5Etfw">December 8, 2023</a></blockquote><p>This latest warning arrived a few days after <a href="https://www.financemagnates.com/tag/fca/" target="_blank" rel="follow">the FCA</a> 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.</p><p>UK Targets More Crypto Firms</p><p><a href="https://www.financemagnates.com/cryptocurrency/news/fca-flags-poloniex-affiliation-with-justin-sun-raises-concerns/" target="_blank" rel="follow">The warning</a>, 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.</p><p>Similarly, the UK's financial watchdog <a href="https://www.financemagnates.com/cryptocurrency/fca-bitfinex-may-be-promoting-financial-services-without-our-permission/" target="_blank" rel="follow">raised the alarm against Bitfinex</a>, highlighting the potential risks linked to the crypto
<a href="https://www.financemagnates.com/terms/e/exchange/">exchange</a>'s operations. The FCA's cautionary warning, issued in October, pointed
out the likelihood of the company promoting financial services without official
authorization.</p><p>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.</p>

This article was written by Jared Kirui at www.financemagnates.com.