Ethena Labs Ends Operations with German Regulator BaFin

According to Odaily, Ethena Labs announced on the X platform that it has reached an agreement with the German regulator BaFin to gradually cease all activities of Ethena GmbH. The company will no longer seek MiCAR authorization in Germany. Since March 21, 2025, Ethena GmbH has not conducted any minting or redemption activities, with all operations being carried out by Ethena (BVI) Limited without any interruptions or issues. Users who previously interacted with Ethena GmbH for whitelisted minting and exchanges have transitioned to Ethena (BVI) Limited as per their requests, severing any ongoing relationships with Ethena GmbH. Consequently, Ethena GmbH no longer has any whitelisted users or direct clients.