Ethena will gradually terminate all activities of its entity Ethena GmbH based in Frankfurt.

On April 15th, Ethena announced that it has come to an agreement with the German Federal Financial Supervisory Authority (BaFin). Under this agreement, Ethena GmbH will gradually cease all its activities and will no longer pursue MiCAR authorization in Germany. As was previously communicated, since March 21, 2025, Ethena GmbH has not been engaged in any minting or redemption activities. All these activities have been smoothly carried out by Ethena (BVI) Limited without any problems. All whitelist minting and redemption users who previously had interactions with Ethena GmbH have smoothly transitioned to work with Ethena (BVI) Limited upon their request and no longer have any ongoing relationships with Ethena GmbH. Therefore, currently, Ethena GmbH has no whitelist users or direct customers. BlockBeats previously reported that on March 21st, the German BaFin informed Ethena that the MiCAR compliance application of its Frankfurt-based entity, Ethena GmbH, would not be approved. However, this decision does not affect the current exchange listing of USDe or the minting and redemption services through the British Virgin Islands entity, Ethena (BVI) Limited. Ethena emphasized that USDe remains fully asset-backed and there is no "freeze" situation. Previously, the German financial regulatory authority BaFin identified serious deficiencies in the USDe token registration process of Ethena GmbH and took immediate enforcement action.