The Cyprus Securities and Exchange Commission (CySEC) revealed that it has withdrawn the Investors Compensation Fund (ICF) membership of three companies including Daweda Exchange Ltd, London Capital Group (Cyprus) Ltd and Felicitas Management Investment Services Ltd.
The three companies have already lost their Cyprus Investment Firm (CIF) license for one reason or the other.
CySEC stated:
The loss of ICF membership status does not mean loss of rights of covered clients to receive compensation in relation to investment operations carried out until the loss of membership status if the conditions for compensation are fulfilled pursuant to the Directive, nor does it obstruct the initiation of the compensation procedure for covered clients.
