CySEC fines Depaho again for compliance lapses
The Cyprus financial regulator found that the contract for difference (CFD) and forex broker Depaho violated investment regulations. CySEC revealed that Depaho violated organizational requirements, as well as CIF authorization provisions, order execution requirements, principles, and information of clients and had a conflict of interest.
Following the CySEC investigation, the regulator discovered that the violations occurred between January 2018 and July 2019. As AtoZ Markets reported, Depaho faced similar fines in 2015 from the Cypriot regulator for non-compliance of several regulatory requirements.
CySEC recent activity
Recently, CySEC has settled with Rodeler Ltd., trading as 24option, for potential violations of the CIF’s authorization requirements, organizational requirements, general principles, and information laws. The Cypriot watchdog has also settled with Tradernet, and Xtrade Europe Limited.
“CySEC…has the power to reach a settlement for any violation or possible violation, act or omission for which there is reasonable ground to believe that it took place in violation of the provisions of CySEC’s supervised legislation,” the financial regulator said.
Meanwhile, the Polish financial regulator KNF warned against Depaho in 2019 for offering services in the country without any authorization from the body.
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