The Cyprus Securities and Exchange Commission (CYSEC) announced on July 4, 2025 that it recalled the suspension of approval of Cyprus investment company Trek Labs Europe Ltd. This decision was made at the CYSEC meeting on June 23, 2025.
The company was renamed and the ownership was changed. Previously, it settled in CYSEC by paying 200,000 euros for a possible regulatory violation.
These issues included information requirements for organizations and clients. It was done before the rebranding and ownership was changed, covering the period from March to November 2022.
financemagnates.com: FTX EU customer claims are ongoing. The new owner’s backpack will begin the process.
CYSEC said it is currently satisfied with Trek Labs Europe’s investment services and activities and compliance with the Regulatory Markets Act.
Backpacks focus on client fund returns
Meanwhile, the collapsed European branch of Crypto Exchange FTX has been acquired by Backpack, a small exchange ranked 200th in daily trading volume. Backpack has received approval from CYSEC and the Bankruptcy Court for the acquisition of FTX EU’s MiFID II-Reculated license.
Despite plans to restart services that contain cryptographic derivatives, the company remains suspended. During this period, we are unable to provide investment services and focus on returning funds to affected clients. The backpack is also responsible for resolving FTX bankruptcy claims.