Swedish Regulator FI Deregisters Depaho

Finansinspektionen (FI), the financial supervisory authority in Sweden, has deregistered Depaho, the operator of retail FX broker FXGM.

The deregistration comes just a week after the Cyprus Securities and Exchange Commission (CySEC) announced that the Cyprus Investment Firm Depaho Ltd's authorization had been suspended. As a result of the judgment, the firm will no longer be able to provide investment services or engage in investing operations.

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Under the freedom of establishment framework, the broker has already informed FI that it would undertake cross-border operations and provide investment services and activities to consumers in Sweden. Because the company's license in Cyprus has been withdrawn, it is no longer permitted to engage in such operations. As a result, the firm has been deregistered from FI's business registry.

Customers in Sweden are suggested to contact Depaho directly for more information.

Fazzaco has reported that earlier in July, CySEC has announced the decision of suspending the Cyprus Investment Firm Depaho Ltd (Depaho/the Company)'s authorization in whole, pursuant to section 10(1) of Directive DI87-05 for The Withdrawal and Suspension of Authorisation (DI87-05).