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Ethena Labs announced on Wednesday that the German Federal Financial Supervisory Office, Bafin and Ethena GmbH, the German arm of the company, agreed on the redemption plan for the Stablecoins holders.
Regulator said He launched a 42 -day redemption process for Stablecoins holders. Bafin said that the holders would be able to have within August 6 to declare demands on the redemption directly against Ethena GmbH. The process will be under the supervision of a special representative named Bafin.
After the term, Ethena GmbH will be considered officially terminated in Germany, the European Union and the European Economic Region (EHE). This means that any claims from August 7 should be applied through an associated company at sea, Ethena (BVI) Ltd.
Ethena Labs said That after a fully implementation of the redemption plan, Ethena GmbH will not have any “outstanding problems related to Usde Ethena GmbH”. However, the company did not state whether it plans to re -enter EU and EH markets.
Bafin closes a four -month conflict with Ethena GmbH
The report comes after a four -month conflict between Ethna and the German financial regulator. March 21st Bafin forbade Ethen GmbH in a public offer It is use stablecoin that quotes EU market violations in the regulation of crypto-assuset (Mica).
The government agency accused the company of sales of unregistered securities through its SUSDE tokens associated with USDE Stablecoin.
The regulatory body has forced sanctions, including freezing of the reserve assets, closing the website and the portal of the company and ordered the company to stop offering services to new users.
Related: Bitpanda ensures the third license of the mica in domestic jurisdiction of Austria
April 15, Ethena Labs started to stop all operations her German subsidiary. At that time, the company said it would no longer seek its authorization of SECA in Germany.
The company added that its German subsidiary had not carried out any wounding or redemption for USE from 21 March, when the regulatory body used its coercive measures to Ethena GmbH.
Ethena GmbH applied for SIDA 29.
Despite this, nearly 5.6 billion chips remain in circulation, most of which were released before the mica came into effect and located around the world.
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