Bitcoin.de Seeks New Model After BaFin Rejects MiCA Application
- The German Federal Financial Supervisory Authority (BaFin) rejected Bitcoin Group SE’s subsidiary futurum bank AG’s application for crypto-asset service provider authorization under Markets in Crypto-Assets Regulation (MiCA).
- In response, Bitcoin Group SE is exploring an alternative operating model for its bitcoin.de platform, which has over 1.1 million registered users.
- Trading activities on bitcoin.de have been largely suspended since June 12, following the postponement of its brokerage launch due to the pending MiCA authorization.
- The platform was expected to offer more than 100 cryptocurrencies along with features like crypto swaps and staking.
- CEO Moritz Eckert emphasized the importance of keeping customers informed while implementing the new operational strategy.
The refusal from BaFin represents a significant hurdle for Bitcoin Group SE as it seeks to resume trading through regulated partners swiftly. The company is considering lodging an objection or submitting a new application regarding the MiCA decision.
With trading halted since June and regulatory challenges ahead, Bitcoin Group SE aims to adapt its operations while maintaining transparency with its user base of over one million.(Source)
