BaFin Bans Ethena’s USDe Sales Over MiCAR Violations

Germany's Federal Financial Supervisory Authority (BaFin) has mandated that Ethena GmbH cease all public sales of its stablecoin, USDe, citing significant regulatory violations. The regulator identified substantial deficiencies in Ethena's compliance with the European Union's Markets in Crypto-Assets Regulation (MiCAR), particularly concerning asset reserves and capital requirements. In its enforcement action, BaFin has frozen the reserves ba...

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