Ethena GmbH has been ordered by the German Federal Financial Supervisory Authority (BaFin) to wind up its business related to the issuance of its USDe tokens. BaFin revealed it found serious deficiencies in Ethena GmbH’s operations during the authorization procedure and imposed sanctions, leading to the requirement for the company to reverse its USDe token issuance. The company had previously entered the German market under a transitional provision of the European Markets in Crypto Assets Regulation (MiCAR) but withdrew its authorization application on April 3, 2025, resulting in the termination of the authorization procedure. Consequently, Ethena GmbH can no longer conduct business in the European Union and must implement a redemption plan for its USDe tokens under BaFin’s supervision. BaFin has also imposed a coercive fine of €600,000 and a ban on payments and sales to safeguard the company’s assets for creditor obligations.

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