CySEC fines firms, revokes licence over regulatory breaches
The Cyprus Securities and Exchange Commission (CySEC) has issued a series of announcements concerning regulatory decisions, authorisation status updates, financial settlements, and administrative sanctions involving several Cyprus-based financial firms.
At its meeting held on June 23, 2025, CySEC decided to recall its previous decision to suspend the authorisation of Trek Labs Europe Ltd, formerly known as FTX (EU) Ltd. The company, operating under license number 273/15, had previously been under scrutiny.
However, CySEC stated that it was now satisfied with the company’s compliance with the provisions of the Investment Services and Activities and Regulated Markets Law of 2017. The recall of the suspension was made under paragraph 9(3)(a) of Directive DI87-05 concerning the withdrawal and suspension of authorisation.
In a separate decision, also on June 23, 2025, CySEC revoked the operation license of Oasis Wealth Management Limited, a Management Company of Open-ended Undertakings for Collective Investment in Transferable Securities.
The revocation, carried out under section 121(1)(a) of the Open-Ended Undertakings for Collective Investment Law of 2012, followed the company’s own decision to voluntarily renounce its licence.
CySEC has also concluded a series of financial settlements under article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, which grants it authority to reach settlements for possible violations of the laws it supervises.
A settlement of €60,000 was reached with Blossem Services Ltd. The investigation involved assessing the company’s compliance with article 5(1) of the 2017 Law, specifically regarding the requirement for proper authorisation.
The company has paid the full amount. CySEC emphasised that settlement amounts are revenue for the Treasury of the Republic and do not constitute income for the Commission itself.
Another settlement, amounting to €40,000, was finalised with Exclusive Change Capital Ltd. This related to the company’s organisational obligations during the period from January to August 2021. CySEC reviewed the company’s adherence to article 22(1), and specifically article 17(5)(b), of the 2017 Law. The company has fully settled the amount.
Broctagon Prime Ltd also entered into a settlement with CySEC for a total of €50,000. The settlement concerned possible violations of articles 25(1) and 25(3)(a) of the Law, which relate to general principles and the provision of information to clients. The possible infractions were said to have taken place in the third quarter of 2021. The amount has been paid in full.
On a separate matter, CySEC imposed an administrative fine of €1,800 on A.T.I. Associates (Cyprus) Ltd for failing to submit its annual report for the financial year ending 31 December 2024 by the required deadline of February 11, 2025.
The fine, issued during a board meeting on May 26, 2025, is based on article 54(1) of EU Regulation 2019/2033 and the relevant provisions of Implementing Regulation (EU) 2021/2284.