The regulatory department revealed “serious shortcomings” in Ethena.
Ethena, a subsidiary of the Ethena Labs blockchain protocol, said that the company failed to agree with the financial regulator on the issue of the emission and the USDE status, which uses the revenue of the ether staying and delta-sequeling of derivatives.
Ethena said that back in March, against the background of the company’s activities, Bafin banned the release and redemption of USDE stabilcoins, froze assets reserves, blocked the website and appointed a special representative to control all operations.
“We agreed with Bafin on the termination of all Ethena and will not seek MICA permission in Germany,” the Ethena Labs administration said.
The company transferred users registered in Germany to the Ethena BVI platform, registered in the British Virgin Islands.
Earlier, the director of strategic development Bafin Rupert Schaefer compared the unregulated digital platforms with UFOs.
Source: Bits
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