Ethena Labs: Ethena withdraws from the German market and terminates application for MiCAR license

PANews reported on April 15 that according to Ethena Labs official recommendation, Ethena has reached an agreement with German financial regulator BaFin to close all businesses of its German subsidiary Ethena GmbH and will no longer apply for MiCAR authorization. Since March 21, 2025, Ethena GmbH has no casting or redemption operations. The related activities are undertaken by Ethena (BVI) Limited, and the user has also completed the migration. Ethena GmbH now has no whitelisted users or direct customers.

Last month, Germany's BaFin stopped the token issuance of Ethena stablecoin USDe, saying it has major compliance flaws .