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Swiss blockchain firm Lykke voluntarily renounces CySEC License

Image: CySEC (via YouTube)

Tue, 26 Nov 2019, 06:04 am UTC

Swiss blockchain company Lykke has renounced the authorization of the Cyprus Securities and Exchange Commission (CySEC) and surrendered the Cyprus Investment Firm (CIF) License.

In an announcement dated Nov. 25, CySEC said:

“The Cyprus Securities and Exchange Commission announces that, on its meeting of 18th November 2019, has decided, pursuant to section 8(1)(a) of the Investment Services and Activities and Regulated Markets Law of 2017 and section 4(7) of Directive DI87-05, to withdraw the Cyprus Investment Firm authorisation with Number 363/18 of Lykke Cyprus Ltd (‘the Company’), due to the Company’s decision to expressly renounce it.”

Lykke was founded in 2013 by Richard Olsen, co-founder and former CEO of OANDA. It has raised CHF 10.8 million in funding to date, which includes CHF 6 million ICO in 2017.

Last November, Lykke partnered with Nxchange to launch a fully regulated tokenized securities exchange in Europe. The company is also going to launch its market data service, which aims to provide clean and reliable market data accessible through an API.

“Lykke’s in-house platform gathers, cleans, stores and streams real time data for various asset classes and time frequencies. In the near future, historical data will be added,” it said.

The firm secured CySEC’s approval to operate as a regulated Cyprus investment firm in July 2018. The objective was to bring its operations, primarily focused on cryptocurrencies, under regulatory supervision. It remains uncertain as to why Lykke decided to reject CySEC’s authorization.

Earlier this month, CySEC had disbarred Lykke and 10 other financial services providers from its lifeboat scheme, Finance Magnates reported.

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