CySEC extends further license suspension of Depaho, operator of FXGM

Steffy Bogdanova
October 25, 2021 9:11 am

The Cyprus Securities and Exchange Commission (CySEC) has revealed it has extended the suspension of the CIF licence of Depaho Ltd, parent company of FXGM. The regulator’s announcement follows the suspension of the licence which occurred in the beginning of July and its extension soon after.

Depaho can take proper actions to comply with CySEC’s requirements until 19 November 2021.

CySEC noted that while the company’s CIF licence is suspended, Depaho is not permitted to provide investment services, serve or accept any new clients or advertise itself as a investment services provider.

CySEC

However, the company is allowed to complete its own transactions or clients’ which occurred before the suspension, following client instructions. Depaho is also allowed to return funds and financial instruments, attributable to its clients.

When CySEC initially suspended its licence,the regulator set a two-week deadline for Depaho to take actions to comply with the legal requirements.

On 27 July 2021, CySEC extended the suspension and granted Depaho two months to take steps to comply with the regulatory requirements,

LeapRate Analyst

Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
Tags:

Read Also: