$BTC Ethena Labs withdraws from Germany, halts MiCAR application

According to sources on April 15, Ethena Labs announced that they have reached an agreement with the German financial regulatory authority BaFin to close all operations of its subsidiary Ethena GmbH in Germany and will not continue to apply for MiCAR licensing. From March 21, 2025, Ethena GmbH will not engage in any minting or redemption activities. All related operations are now conducted by Ethena (BVI) Limited, and users have completed the migration of their accounts.