FXGM Operator Depaho Ltd Regains CySEC CIF License

CySEC has lifted the suspension of the CIF license authorization of Depaho Ltd. Depaho which operates the retail FX brands GTCM, FXGM, and TRADEAPP.

The Cyprus Securities and Exchange Commission (CySEC) has announced that it has recalled the suspension of the CIF license of Depaho Ltd, the operator of retail FX broker FXGM.

The decision to return the suspended CIF license to the company was made on 2 November 2021 as the company has taken necessary actions to comply with the compliance requirements asked under the relevant provision of The Investment Services and Activities and Regulated Markets Law of 2017 and of Regulation (EU) 600/2014 before the deadline.

As a reminder, the Cypriot regulator suspended the financial services company's license in July this year under the suspicion of 12 alleged violations. Later that month, as AtoZ Markets reported, CySEC further extended the operating license of Depaho Ltd.

In September, CySEC said that Depaho Ltd was allowed until the end of the month to proceed with the necessary actions to comply with the provisions asked by the regulator.

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Read also: CySEC Fines FXGM Parent Depaho Ltd €270,000 for Compliance Failures

Last month, however, CySEC made an official announcement to extend the suspension of Depaho license again. The action was conducted because the CySEC accused FXGM parent of not complying with the permission criteria and gave them one month to make sufficient arrangements. It appears that it hasn't done so yet.

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