CySEC lifts license suspension of Depaho, operator of FXGM

The Cyprus Securities and Exchange Commission (CySEC) has revealed it has recalled 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 extensions soon after and in September and October.

The Cyprus regulator has decided to lift the suspension on 2 November, noting that 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.

Depaho’s licence was initially suspended by CySEC in July this year. The suspension decision mentioned suspicion of violation of 12 articles. CySEC said at the time that Depaho allegedly offered investment services of advisory as a regular occupation “without the granting of prior authorization” by the regulator.

CySEC subsequently extended the suspension, allowing the company to take the necessary actions to comply with the regulatory requirements.

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