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Ethena Agrees With Regulator to Withdraw From German Market

All existing users will be onboarded to Ethena's entity in the British Virgin Islands.

By Oliver Knight|Edited by Stephen Alpher
Updated Apr 15, 2025, 2:11 p.m. Published Apr 15, 2025, 2:04 p.m.
(Bartolomiej Pietrzyk/Shutterstock)

What to know:

  • Ethena announced that it has agreed to wind down its operations in Germany, onboarding existing users to its British Virgin Islands entity in the process.
  • Three weeks ago BaFin identified "serious deficiencies" in Ethena's USDe token.
  • ENA is down by 2.88% in the past 24 hours.

Decentralized finance (DeFi) protocol Ethena has agreed to wind down its operations in Germany.

The decision comes three weeks after BaFin, Germany's finance regulator, identified "serious deficiencies" in Ethena's USDe token and said that the company was offering securities in Germany without approval.

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"We have agreed with BaFin to wind down all activities of Ethena GMBH and will no longer be pursuing the MiCAR authorization in Germany," Ethena said in a tweet.

It added that all previous users will be onboarded to Ethena BVI, the protocol's entity in the British Virgin Islands.

Ethena is the yield-generating protocol with $4.9 billion in total value locked (TVL). The USDe token is dubbed a "synthetic dollar" and is backed by bitcoin BTC$68,712.55, ether ETH$1,956.26 and other cryptocurrencies.

Ethena's ENA token is down by 2.88% in the past 24 hours, underperforming against the wider market which is up 1.17%, according to CoinMarketCap.

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