Brokerage firm Dupoin has received a license in Mauritius from the local Financial Services Commission (FSC).
Data on the FSC’s website shows the firm was approved to operate using an FSC license on June 2nd.
Dupoin’s main website shows that it is currently operating with a ‘license’ in the Comoros.
The Chinese firm appears to primarily target countries in East and Southeast Asia for its operations.
No more FCA license
The acquisition of the new license coincides almost exactly with the broker’s cancelling of its UK approvals.
Data on the Financial Conduct Authority’s (FCA) website shows that Dupoin cancelled its license on the 13th May.
The FCA’s site also shows the firm cancelled its permissions to provide payment services on 18th May.
Dupoin was barely using the license. Turnover in 2024 – its most recent set of publicly available accounts – was just £35,000, with losses of £1.2m.
Peculiarly, the company received a large injection of capital at the start of this year, which you’d assume was to maintain the FCA license. However, that seems not to have been the case, with the company’s UK website now inactive, alongside the FCA cancellations.
