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Ethena Labs achieved a final agreement with the German financial regulatory body of Bafin on the fate of its euro-anean Stablecoin, USE, Operation.
Company notified On Wednesday, Bafin and Ethena GmbH, his German subsidiary, agreed on a 42 -day redemption plan for the holder of Usde Stablecoin.
The purchase of us will end 6th August when Ethena GmbH leaves the EU market
The redemption window that started this week will close on 6 August. During this time, the holders may be required to redeem directly with Ethena GmbH. Bafin appointed a special representative to supervise the process.
After the deadline, Ethena GmbH will be considered officially terminated in Germany, the European Union and the European Economic Region.
From August 7, all claims related to USDE must be focused on the coastal branch of Ethena, Ethena (BVI) LTD, based in the British Virgin Islands.
Ethena Labs said The redemption process will fully close all liabilities associated with us in Germany.
“Finally, Ethena GmbH will not have any outstanding problems related to Usde Ethena GmbH,” the company said.
Ethena has not confirmed whether she intends to find re -entry into the European market.
This resolution is governed by a monthly regulatory dispute. In March, Bafin ordered Ethen’s GmbH to stop All public offers will be settled by Stablecoin.
The regulator quoted EU violations Markets in the regulation of crypto-aspat (mica)And he accused the company of the SUSDE tokens, which can represent unregistered securities.
Bafin also ordered companies to freeze the reserve assets USE, block access to them by the management of directors and stop receiving new users. The company was told to close its website and stop services in the EU.
Although the primary release has been stopped, secondary market trading has not been affected.
Bafin indicated what he called “serious deficiencies” in accordance with the SID GmbH rules, especially in terms of capital and reserves’ management.
The company operated under a temporary contribution and waited for complete regulatory approval.
In solving coercive measures, Bafin said: “Holders of chips can not directly apply them with Ethena GmbH.”
It also raised concerns about SUSDE, which is associated with USDE and offers additional revenues, which warns that it could break the securities laws.
In the X, Ethena Labs post, she responded by assuring the user that all buy -offs remain active through their BVI entity.
The company said it was fully supported and denied reports that its assets were frozen.
“All funds remain accessible,” she wrote, promised to update their conditions that reflect regulatory changes soon.
The dispute is the main obstacle to the expansion of Ethena to regulated stabnecoins.
The resolution, while German users brings clarity, leaves questions about the future of the company in the EU.
Ethena’s output from Germany emphasizes Micar’s tightening adhesion of stablecoins
After the regulatory classification of the German Bafin, Ethena Labs officially began to liquidate its operations in the country and withdrew its application for permission Micar.
April 15, Ethena Labs Confirmed to turn off Ethena GmbHIts German subsidiary and withdrawal from the author’s permission Micar.
Bafin previously ordered companies to stop public sales, and because of its structure carrying revenues as security under German law, it quoted concerns about its compliance status and the potential classification of SUSDE as security under German law.
While Micar’s transitional period gave companies as ethena some breathing room after license request, Ethen Applied in July 2024Bafin’s concerns went deeper.
It made SUSDE, a version of the return, as possible security under German law, increased the red flags over the protection of investors and the need for complete publication.
With the assembly pressure, Ethena agreed with the 42 -day supervision of ventilation and transferred all German users on white on the British entity Virgin Islands, Ethena (BVI) Limited.
The company noted that most of the 5.4 billion will be in circulation was released either outside Germany or before Micar came into force.
Bafin’s move also reflects a wider trend. Since Micar fully kicked at the end of 2024, exchanges like Kraken, Crypto.com and Binance have Discarded stablecoins as USDTDai and Paxg throughout Europe.
Compliance with Mica: Crypto-active service providers must discarded stablecoin incomplications.#Mica #Esma $ USDT #Stablecoinhttps://t.co/lne1u6wlsq
– Cryptonews.com (@cryptonews) January 20, 2025
At the same time, the licensed platforms turn to the Micar Passport System to work legally in 30 EEA countries.
Contribution USDE SAGA ETHENA LAB Ends: Bafin Forces 42 -day Plan Redemption on Regulatory Stand He appeared for the first time Cryptonews.
