The Cyprus Securities and Exchange Commission has announced that the authorisation of the Cyprus Investment Firm Daweda Exchange Limited, number 289/16, is suspended in whole.

This decision was made due to the suspicions of an alleged violation of the company’s possible non-compliance at all times with the authorisation condition regarding the appropriateness of its shareholders.

The above decision was reached as the aforementioned alleged violation causes concern and risk relating to the protection of the company’s clients or of the investors and constitutes a threat to the orderly operation and integrity of the market.

Daweda Exchange Limited was given 21 day to take actions in order to comply with the aforementioned provisions. 

During the suspension period, the company is not permitted to provide/carry out investment services/activities, as well as advertise itself as a provider of investment services. it is also not allowed to enter into any business transaction with any person and accept any new client.

Also, the company, provided this is consistent with the wishes of its existing clients, may proceed with completing all its own transactions and those of its clients which are before it, in accordance with client instructions. It also obliged, if needed, to return all funds and financial instruments which are attributable to its clients.

You may check our list of the CySEC-Regulated Brokers.