BaFin Prohibits Ethena GmbH from Offering USDe Stablecoin, Citing Serious Flaws and Non-Compliance with MiCAR

The German Federal Financial Supervisory Authority (BaFin) has prohibited Ethena GmbH from offering its USDe stablecoin to the public, citing serious flaws in the company's approval process. The enforcement measures come amid concerns regarding compliance with the Markets in Crypto-Assets Regulation (MiCAR). Ethena, which has been exploring various regulatory frameworks globally, has multiple entities within its structure to facilitate the minting and redemption of its tokens. The regulatory action reflects BaFin's commitment to ensuring compliance in the cryptocurrency sector.

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