Again, CySEC Extends Depaho License Suspension until November 19

CySEC made an official announcement on October 22, deciding to extend the suspension of Depaho license two times. The company’s license was first decided to be suspended on July 9.

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.

Because the business is still suspected of operating against investors' interests and, more broadly, the regular operation of capital markets, CySEC is now extending the punitive measures. Depaho has until the end of November 19 to comply with CySEC's requirements and reapply for their license.

Depaho is forbidden to do business, accept new clients, accept trading orders, provide other sorts of financial services, or market itself as a CySEC-regulated broker until further notice.

Depaho must also close any open positions concerning clients' contracts if existing clients request it (on time or earlier if the client wishes so). It will also be obligated to repay any monies and earnings gained to current clients if the clients request it.

FXGM is the brand name of Depaho Ltd, which operates under the domain names www.depaho.com, www.fxgm.com, www.gtcm.com, and www.tradeapp.com. FX Global Markets (FXGM), which surrendered its license in the same year, sold the brand name FXGM and the domain name www.fxgm.com to the firm in 2013.

Let's recall that the Cypriot regulator announced to extend suspension of CIF License of Depaho by the end of July. The company was allowed a two-month period to proceed with the necessary actions. The regulator decided to suspending Depaho’s authorization in whole in earlier July. Soon the financial supervisory authority in Sweden, Finansinspektionen (FI), has deregistered Depaho. As a result of the judgment, the firm will no longer be able to provide investment services or engage in investing operations. In September, CySEC decided to extend the suspension through the end of September​.