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The 'Empire' of stablecoin USDe withdraws from Germany: Pressure from MiCA forces Ethena Labs to flee?
In the context of Europe tightening control over the crypto market through the new MiCA law, one of the prominent names in the stablecoin industry – Ethena Labs – has officially announced its withdrawal from the German market, marking a significant setback in their expansion journey within the EU.
BaFin takes strong action, USDe is 'frozen'
Ethena Labs' decision to withdraw came after the German Federal Financial Supervisory Authority (#BaFin ) issued a ban on the sale of the stablecoin USDe in the country starting in March. According to BaFin, the issuance and circulation of USDe pose serious violations related to securities laws and crypto trading regulations.
BaFin takes strong action, USDe is 'frozen'
Ethena Labs' decision to withdraw came after the German Federal Financial Supervisory Authority (#BaFin ) issued a ban on the sale of the stablecoin USDe in the country starting in March. According to BaFin, the issuance and circulation of USDe pose serious violations related to securities laws and crypto trading regulations.
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German regulator orders immediate halt to Ethena's USDe issuance
Germany's financial regulator has ordered GmbH to stop issuing its token, citing serious deficiencies in asset reserves and compliance with capital requirements under EU crypto regulations. The decision follows the introduction of MiCA rules for issuers, which took effect in June last year.
Germany's financial regulator has ordered GmbH to stop issuing its token, citing serious deficiencies in asset reserves and compliance with capital requirements under EU crypto regulations. The decision follows the introduction of MiCA rules for issuers, which took effect in June last year.
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✅ A huge step towards regulated crypto services in Europe. What’s next for Bitpanda? 🌍💥
#CryptoRegulationBattle #Bitpanda #MiCAR #BaFin
✅ A huge step towards regulated crypto services in Europe. What’s next for Bitpanda? 🌍💥
#CryptoRegulationBattle #Bitpanda #MiCAR #BaFin
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Ethena has violations, required to stop providing USDe
BaFin – the German financial supervisory authority – has ordered Ethena GmbH, a subsidiary of Ethena Labs in Frankfurt, to immediately cease providing USDe to the public. According to BaFin, Ethena GmbH faces "shortcomings" in the token licensing process, violating the MiCA regulations of the European Union (EU).
USDe, promoted as "synthetic USD" based on crypto assets and delta-hedging strategies, was once expected to be an innovative alternative to traditional stablecoins like USDC or USDT.
Ethena Labs quickly spoke out on X, asserting that the restriction order does not affect the current USDe listing or the minting and redemption activities through Ethena BVI Limited – the subsidiary in the British Virgin Islands, which handles the majority of user demand.
#Coinbay #BaFin #Ethena $ENA #USDe
BaFin – the German financial supervisory authority – has ordered Ethena GmbH, a subsidiary of Ethena Labs in Frankfurt, to immediately cease providing USDe to the public. According to BaFin, Ethena GmbH faces "shortcomings" in the token licensing process, violating the MiCA regulations of the European Union (EU).
USDe, promoted as "synthetic USD" based on crypto assets and delta-hedging strategies, was once expected to be an innovative alternative to traditional stablecoins like USDC or USDT.
Ethena Labs quickly spoke out on X, asserting that the restriction order does not affect the current USDe listing or the minting and redemption activities through Ethena BVI Limited – the subsidiary in the British Virgin Islands, which handles the majority of user demand.
#Coinbay #BaFin #Ethena $ENA #USDe
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Ethena "Whistleblown" in Germany: Is USDe at Risk of Being Phased Out?
BaFin Prohibits Ethena from Selling USDe Stablecoin in Germany
The German Financial Supervisory Authority (BaFin) has just decided to ban the public offering of Ethena GmbH's USDe stablecoin in Germany, citing violations of the EU's MiCA regulations and unauthorized securities sales. This is a severe blow to Ethena, as USDe is currently the third-largest stablecoin in the market, only behind USDT and USDC.
According to BaFin, USDe and sUSDe - two tokens issued by Ethena - can be considered disguised securities due to the interchangeability between these two types of tokens. This brings them under the regulation of European securities law, leading to Ethena being accused of issuing unauthorized securities.
The German Financial Supervisory Authority (BaFin) has just decided to ban the public offering of Ethena GmbH's USDe stablecoin in Germany, citing violations of the EU's MiCA regulations and unauthorized securities sales. This is a severe blow to Ethena, as USDe is currently the third-largest stablecoin in the market, only behind USDT and USDC.
According to BaFin, USDe and sUSDe - two tokens issued by Ethena - can be considered disguised securities due to the interchangeability between these two types of tokens. This brings them under the regulation of European securities law, leading to Ethena being accused of issuing unauthorized securities.
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