CySEC suspends Daweda Exchange’s CIF licence

The Cyprus Securities and Exchange Commission (CySEC) announced its decision to withdraw the Cyprus Investment Firm authorisation of Daweda Exchange Ltd for breaching regulation in providing investment services to clients.

CySEC found that Daweda Exchange did not act in the best interest of its clients. Moreover, the company did not take the necessary measures in safeguarding the privately owned domain of the website, The website was used by Daweda Ltd (BVI) and through email address [email protected], the company sent clients their login ID and password information to connect to the MT4. In this way, Daweda Ltd (BVI) gave them the impression that they were clients of the Cyprus Investment Firm Daweda Exchange Ltd.

cysec cif licence suspension

With the withdrawal of the its licence, Daweda Exchange should not provide investment and ancillary services. The company should immediately delete all references in its websites of investment services and CySEC licence and return all funds and financial instruments to its clients.

CySEC also found the executive members of the company’s board of directors, Hamed Sepasdar Tehran and James Cabrera have also not complied with regulation and failed to supervise the senior management of Daweda Exchange.

CySEC has decided to impose a temporary ban on Hamed Sepasdar Tehran and James Cabrera for six months.

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