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

BlockBeats News, April 15th, Ethena announced that it has reached an agreement with the German Federal Financial Supervisory Authority (BaFin) to gradually terminate all activities of Ethena GmbH and will no longer pursue MiCAR authorization in Germany.

As communicated earlier, Ethena GmbH has not engaged in any minting or redemption activities since March 21, 2025, and all activities have been seamlessly carried out by Ethena (BVI) Limited without any issues. All whitelist minting and redemption users who previously interacted with Ethena GmbH have transitioned to work with Ethena (BVI) Limited upon their request, and no longer have any ongoing relationship with Ethena GmbH. Therefore, Ethena GmbH currently has no whitelist users or direct customers.

BlockBeats previously reported that on March 21st, the German BaFin notified Ethena that the MiCAR compliance application of its Frankfurt-based entity, Ethena GmbH, would not be approved, but 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 immediately took enforcement action.