CySEC Recalls CIF License Suspension of Depaho Ltd

The Cyprus Securities and Exchange Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) announced on Wednesday that it had recalled its decision for the suspension of the CIF license of Depaho Ltd, an investment firm.

According to the note published on the watchdog’s website, the company has satisfied the compliance requirements under the relevant provision of The Investment Services and Activities and Regulated Markets Law of 2017 and of Regulation (EU) 600/2014. The decision was taken during a meeting that took place yesterday.

Initially, Depaho Ltd’s CIF license number 161/11 was suspended ‘in whole’ by the Cypriot financial regulator in July this year. The resolution mentions suspicion of violations of almost 12 articles for which the decision was taken. At that time, CySEC stated the firm violated article 5(1) of the Investment Services and Activities and Regulated Markets Law of 2017 since it allegedly provided investment advisory services as a regular occupation ‘without prior authorization’ from the financial supervisor.

Depaho License Suspension's Deadline

Later that month, CySEC extended the operating license of the investment firm, which offers leveraged Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and contracts for differences (CFDs) trading services under its brand name FXGM and on the domain www.fxgm.com. The company received its Cyprus Investment Firm license in 2011 and purchased the FXGM brand in 2013 from FX Global Markets (FXGM), which in turn renounced its license in the same year.

Things turned out to be optimistic for Depaho Ltd in September when the Cypriot watchdog stated that the firm was allowed until the end of the month to proceed with the necessary actions to comply with the provisions asked by the regulator. In fact, CySEC extended the suspension imposed on the company. Depaho was granted a deadline set until the end of September 2021 to take the necessary actions to comply ‘with the relevant provisions of The Investment Services and Activities and Regulated Markets Law of 2017 and of Regulation (EU) no. 600/2014’.