The Cyprus Securities and Exchange Commission (CySEC)
announced today (Friday) that it has recalled the suspension of the
authorisation of Cyprus Investment Firm Trek Labs Europe Ltd. This decision was
made during a CySEC meeting on June 23, 2025. Trek Labs Europe Ltd was
previously known as FTX (EU) Ltd. Its license was suspended in November 2022.
Regulatory Issues Resolved, Trek Labs Compliant
The company was renamed and underwent a change of ownership.
Earlier, it
settled with CySEC by paying €200,000 for possible regulatory violations.
These issues involved
organisational and client information requirements. They took place before the
rebranding and ownership change, covering the period from March to November
2022.
You may find it interesting at FinanceMagnates.com: FTX
EU Customers’ Claims Are on the Way: New Owner Backpack Initiates Process.
CySEC stated it is now satisfied with Trek Labs Europe’s
compliance with the Investment Services and Activities and Regulated Markets
Law.
Backpack Focuses on Client Fund Returns
Meanwhile, the European branch of the collapsed crypto
exchange FTX
was acquired by Backpack, a smaller exchange ranked 200th by daily trading
volume. Backpack gained approval from CySEC and the bankruptcy court for the
acquisition of FTX EU’s MiFID II-regulated license.
Despite plans to relaunch services, including crypto
derivatives, the company remains under suspension. During this period, it
cannot provide investment services and is focused on returning funds to
affected clients. Backpack has also taken on responsibility for settling FTX’s
bankruptcy claims.
CySEC Settles with Two Firms
CySEC announced settlements totalling €90,000 with two
Cyprus-based FX and CFD firms over compliance violations from 2021.
Broctagon Prime Ltd paid €50,000 for possible client information breaches,
while Exclusive Change Capital Ltd, now rebranded as EXCA Prime, paid €40,000
for organizational requirement breaches.
Both companies have paid their settlements, which go
directly to the Cyprus treasury. CySEC did not specify the exact nature of the
violations but confirmed its authority to settle such cases under local law.
This article was written by Tareq Sikder at www.financemagnates.com.
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