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CySEC extends license suspension of FXGM operator, Depaho



The Cyprus Securities and Exchange Commission (CySEC) announced it has extended the suspension of the CIF licence of Depaho Ltd, parent company of FXGM.

The regulator stated that the extension follows the suspension announced earlier in July when CySEC cited “suspicions of alleged violations” as the reason for the suspension.

Depaho is allowed two months to take steps to comply with the regulatory requirements, the regulator noted.

CySEC

During the suspension, Depaho is not allowed to conduct investment activities and provide investment services or advertise itself as a provider of such services.

CySEC noted that the company is allowed to complete its own transactions and clients’ transaction which are before it, following client instructions and “return all funds and financial instruments which are attributable to its clients.” Depaho can carry out these actions without breaching is license suspension.

In the initial suspension, CySEC set a two-week deadline for Depaho to take actions to comply with the legal requirements.

In September 2020, LeapRate reported that the Cyprus financial supervisor imposed a €270,000 fine on Depaho for violating investment regulations.

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CySEC extends license suspension of FXGM operator, Depaho

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