CySEC Says Former FTX EU (Now Trek Labs) Meets Compliance, Lifts Suspension ⋅ Crypto World Echo
The Cyprus Securities and Exchange Commission (CySEC)announced today (Friday), that it has recalled the suspension of theauthorisation of Cyprus Investment Firm Trek Labs Europe Ltd. This decision wasmade during a CySEC meeting on June 23, 2025. Trek Labs Europe Ltd waspreviously 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, itsettled with CySEC by paying €200,000 for possible regulatory violations.
These issues involvedorganisational and client information requirements. They took place before therebranding and ownership change, covering the period from March to November2022.
You may find it interesting at FinanceMagnates.com: FTXEU Customers’ Claims Are on the Way: New Owner Backpack Initiates Process.
CySEC stated it is now satisfied with Trek Labs Europe’scompliance with the Investment Services and Activities and Regulated MarketsLaw.
Backpack Focuses on Client Fund Returns
Meanwhile, the European branch of the collapsed cryptoexchange FTXwas acquired by Backpack, a smaller exchange ranked 200th by daily tradingvolume. Backpack gained approval from CySEC and the bankruptcy court for theacquisition of FTX EU’s MiFID II-regulated license.
Despite plans to relaunch services, including cryptoderivatives, the company remains under suspension. During this period, itcannot provide investment services and is focused on returning funds toaffected clients. Backpack has also taken on responsibility for settling FTX’sbankruptcy claims.
CySEC Settles with Two Firms
CySEC announced settlements totalling €90,000 with twoCyprus-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 €40,000for organizational requirement breaches.
Both companies have paid their settlements, which godirectly to the Cyprus treasury. CySEC did not specify the exact nature of theviolations but confirmed its authority to settle such cases under local law.
This article was written by Tareq Sikder at www.financemagnates.com.
