There are several possible reasons of Cinegy Demo watermark being displayed when the hardware license dongle is present:

• Please, check if Cinegy License Service is up and running in the system.
• Please, check if the dongle is correctly recognized by the system. 
• Use Cinegy License Viewer to check if the licenses on the dongle correspond to installed products and if the correct version is specified (https://partner.cinegy.com/downloads/latest/Cinegy_License_Viewer_21.0 or https://my.cinegy.com/index.php/download/latest-released-version/download/159-cinegy-license-viewer-21-0/384-licenseviewer-21-0-49628-3790).
• Please, check if the licenses are not overdue.
• Please, check if the used licenses count does not exceed the number of licenses on the dongle using the following  HTTP request: http://<servername>:8989/GetInfo

       where <servername> is the name of the machine where the license dongle is inserted into. You may specify 'localhost' in case the dongle is inserted into your current PC.

In case all above checks have been successfully passed but the problem still persists, please raise a new ticket with a detailed description of the issue.