Aggregated News From Investment Management Regulators

Withdrawal of authorisation of Daweda Exchange Limited by the Cyprus Securities and Exchange Commission – MFSA


Please complete the required fields.

The Cyprus Securities and Exchange Commission has notified the Malta Financial Services Authority that, with effect from 18 June 2020, it has wholly withdrawn the authorisation of Daweda Exchange Limited (“the Company”) due to the Company’s non-compliance with article 25(1) of the Investment Services and Activities and Regulated Markets Law of 2017 (the Law), as it did not act honestly, fairly and professionally when providing investment services to clients, in accordance with the best interests of its clients.

Due to the wholly withdrawal of the Company’s authorisation, and in accordance with paragraphs 4 and 5 of CySEC Directive DI87-05 for the Withdrawal and Suspension of Authorisation, the Company should:

  1. Ensure it does not provide investment and ancillary services.
  2. Immediately and without delay, ensure that all references in its websites and anywhere else, relating to the provision/carrying out of investment services/activities, as well as references to its licensing and regulation by the CySEC, are deleted.
  3. Return all funds and financial instruments which belong to/are attributable to its clients, including any profits.
  4. Examine and resolve any clients’ complaints/reports filed against the CIF.

Furthermore, the CySEC has decided to impose a temporary ban against the Executive Members of the Company’s Board of Directors- Mr. Hamed Sepasdar Tehran and Mr. James Cabrera – to exercise management functions in CIFs, and more specifically for a period of six (6) months, for their non-compliance with article 10(1)(a) of the Law.

Further detail in relation to the above can be obtained from the CySEC Decision dated 18 June 2020 which was published on the regulator’s website.

Regulator Information

Abbreviation: MFSA
Jurisdiction: Malta

Recent Articles

Feedback Statement on Funding Financial Regulation and Designated Business Oversight

Published on: 14 May 2021 The Isle of Man Financial Services Authority has today published a Read more

Solid Invest

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

Vision Introducer Ltd t/a Money Bonds Market (Clone of former Appointed Representative firm)

Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out...

CSA and IIROC issue reminder of the implementation date for mandatory transparency requirements related to debt securities

The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) remind banks of mandatory transparency requirements that take effect on...

Get the latest from Regulatory.News in your inbox!