Bitcoin.de Trading Remains Suspended After German Regulator Rejects MiCA Authorization

Bitcoin Group SE says it is preparing a different way of operating its bitcoin.de platform after Germany’s financial regulator, BaFin, declined authorization for its banking subsidiary futurum bank AG to act as a crypto-asset service provider under the EU’s Markets in Crypto-Assets Regulation (MiCA).

In an Oct. 6 announcement, the company described the refusal as a setback but said it had already planned for that outcome. Bitcoin Group SE stated it is now reviewing BaFin’s decision and can either file an objection or pursue a new application at a later stage. The group also said it is working to restart trading through regulated partners “as quickly as possible.”

Key takeaways

• BaFin refused futurum bank AG’s MiCA authorization application, forcing Bitcoin Group SE to rethink bitcoin.de’s operating setup.
• The group is reviewing the decision and can lodge an objection or submit a future new application.
• Trading on bitcoin.de has largely been suspended since June 12, after the platform moved customers’ holdings to new custody infrastructure.
• Bitcoin Group SE is aiming to resume trading via regulated partners while it implements an alternative operating model.
• bitcoin.de has over 1.1 million registered users, according to the company, and the platform is slated to shift toward a brokerage model.