The Cyprus Securities and Exchange Commission (CYSEC) announced today that a settlement has been achieved with Cyprus Investment Company Trek Labs Europe Ltd (ex. FTX EU LTD).
The settlement concerns the possible violations of investment services and activities and the regulated markets of 2017, as amended (the “law”).
Specifically, CYSEC’s survey included the assessment of the Company’s compliance, which during the period from 3,2022 to 12.11.2022 (ie before the change of name and stock structure), may have been acting in breach of:
- Article 22 (1) of the Law, regarding the state of authorization specified in Article 17, paragraphs (5) (b) and (9) of the law on the organizational requirements that require a CIF for compliance,
- Article 25 (1) of the Law on General Authorities and information to customers
- Article 26 (3) (a) of the law, regarding the assessment of suitability.
The settlement achieved with the company is for the amount of € 200,000. The company has paid the full amount.
In November 2022, CYSEC announced the suspension of FTX EU CIF license. Since then, the suspension has expanded several times.