I see it more as a pro that Lykke has a focus on real Investors instead of "Wahle-traders" who manipulate the market up to dump it down right after. I don't think that there are legal issues that prevent a listing on other exchanges. Lykke-Coin represents shares, yes. But that's also true for some other projects, like Antshares for example.

I think that the team made a decision until now not to be on other exchanges and I think it's smart to build a base first, especially to not make a pump-and-dump-game out of it.

Or with other words: Best scenario is to get serious and informed Investors in this who are able to understand the project - not only what it is right now but also what it will be about in the future and that this project really has potential for the long run (unlike to some others) and want to participate with their Investment - without being impatient. And many small Investors is better than only a few big ones. Under the line Lykke did it all right in my opinion.