Cyprus financial regulator CySEC has announced that it is recalling the suspension of the CIF license authorisation of Depaho Ltd. Depaho operates the FXGM retail forex brokerage brand, at website fxgm.com, as well as TradeApp (tradeapp.com) and GTCM (gtcm.com).
CySEC first suspended Depaho’s CIF license in July, extending the suspension twice in September and October.
According to the regulator, it has been satisfied that the company is now complaint with the relevant regulations that led to the initial suspension (and suspension extensions).
The full notice issued by CySEC reads as follows:
3 November 2021
CYSEC Decision
Announcement date: 03.11.2021; CySEC Decision date: 02.11.2021
Regarding: Depaho Ltd
Legislation: The Investment Services and Activities and Regulated Markets Law
Subject: Recall of suspension of CIF license
The Cyprus Securities and Exchange Commission, further to its Decision published on 9th July 2021 and its announcements dated 28.7.2021, 10.9.2021 and 22.10.2021, informs the public that, at its meeting dated 2nd November 2021, decided to recall its decision for the suspension of the authorisation of the Cyprus Investment Firm Depaho Ltd (‘the Company’), number 161/11, pursuant to paragraph 9(3)(a) of Directive DI87-05 for the Withdrawal and Suspension of Authorisation, as it has been satisfied for the Company’s compliance with the relevant provision of The Investment Services and Activities and Regulated Markets Law of 2017 and of Regulation (EU) 600/2014.
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