The Cyprus Securities and Change Fee (CySEC) introduced on July 4, 2025, that it has recalled the suspension of the authorisation of Cyprus Funding Agency Trek Labs Europe Ltd. This determination was made throughout a CySEC assembly on June 23, 2025. Trek Labs Europe Ltd was beforehand generally known as FTX (EU) Ltd. Its license was suspended in November 2022.
The corporate was renamed and underwent a change of possession. Earlier, it settled with CySEC by paying €200,000 for doable regulatory violations.
These points concerned organisational and shopper data necessities. They befell earlier than the rebranding and possession change, masking the interval from March to November 2022.
It’s possible you’ll discover it fascinating at FinanceMagnates.com: FTX EU Clients’ Claims Are on the Manner: New Proprietor Backpack Initiates Course of.
CySEC acknowledged it’s now glad with Trek Labs Europe’s compliance with the Funding Companies and Actions and Regulated Markets Regulation.
Backpack Focuses on Consumer Fund Returns
In the meantime, the European department of the collapsed crypto alternate FTX was acquired by Backpack, a smaller alternate ranked two hundredth by day by day buying and selling quantity. Backpack gained approval from CySEC and the chapter court docket for the acquisition of FTX EU’s MiFID II-regulated license.
Regardless of plans to relaunch companies, together with crypto derivatives, the corporate stays below suspension. Throughout this era, it can not present funding companies and is concentrated on returning funds to affected shoppers. Backpack has additionally taken on duty for settling FTX’s chapter claims.
