The Cyprus Securities and Exchange Commission (CySEC) announced its decision to withdraw the Cyprus Investment Firm authorisation of Daweda Exchange Ltd for breaching regulation in providing investment services to clients.
CySEC found that Daweda Exchange did not act in the best interest of its clients. Moreover, the company did not take the necessary measures in safeguarding the privately owned domain of the website, www.daweda.com. The website was used by Daweda Ltd (BVI) and through email address [email protected], the company sent clients their login ID and password information to connect to the MT4. In this way, Daweda Ltd (BVI) gave them the impression that they were clients of the Cyprus Investment Firm Daweda Exchange Ltd.