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From my own research into dana investments and dana invest, I found that Dana Brokerage Co. does hold several local exchange licenses in Iran — like a Tehran Stock Exchange license, an OTC license, an Online Trading license, and an Admission Consultant license — but there’s no official global regulatory license. For me, that means while they may be recognized domestically, they don’t offer the same level of investor protection as a broker licensed by authorities like the FCA or ASIC.