The Cyprus Securities and Exchange Commission (CySEC) has announced an extension of the period in which the financial company Depaho Ltd remains unlicensed. Depaho, which is the parent company of FXGM, is allowed until November 19, 2021, to take the necessary action to comply with its authorization provisions. During this time, the company is not allowed to provide investment services, enter into any business transactions and accept new clients, nor to advertise itself as a provider of investment services. Depaho Ltd will only be able to complete all its transactions and return all funds belonging to its customers.
The license of Depaho Ltd was initially suspended in July 2021 due to violations such as provision of the investment advice without the prior permission of the CySEC; failure to take all reasonable steps to identify, prevent or manage conflicts of interest; not acting honestly, fairly and professionally when providing investment services to clients, in accordance with the best interests of its clients; not providing information, including marketing communications, to its clients or potential clients that is fair, clear and not misleading; etc.