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The Cyprus Securities and Exchange Commission (CySEC) announced on July 4, 2025, 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.
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.
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