When social media invites residents to invest through the cryptocurrency exchange LWEX platform, the Bank of Lithuania (LB) warns against this platform, which is illegal in Lithuania.
After assessing the risk to investors, LWEX has been included among entities that cannot provide financial services in Lithuania, the Bank of Lithuania announced on Thursday.
"Recently, messages have appeared on social networks inviting people to join the investment in crypto assets and financial instruments through the trading platform administered by LWEX. The Bank of Lithuania warns that it has not granted this company the right to provide investment or crypto asset-related services in Lithuania and does not supervise it," the bank said in a statement.
According to him, it is illegal in Lithuania to provide, advertise or offer services related to LWEX financial instruments and crypto assets. In addition, investing through LWEX may have the characteristics of a financial pyramid.
According to the bank, upon receipt of justified complaints from investors, it may, with court permission, order the blocking of websites providing illegal financial services.
LWEX presents itself as the world's leading blockchain asset investment platform, offering trading and investment services for more than 40 digital asset products in 130 countries around the world. It is based in the United States.
