Decentralized Finance (Defi) Protocol Ethena has agreed to run its operations in Germany.
The decision comes three weeks after Bafin, Germany’s financial regulator, identified “Serious Missing” in Ethena’s USDE -Token and said the company offers securities in Germany without approval.
“We agree with Bafin to conduct all activities in Ethena GmbH and will no longer pursue the micar permit in Germany,” Ethena said in a tweet.
It added that all former users will be aboard Ethena BVI, the unit’s unit on the British Virgin Islands.
Ethena is the dividend -generating protocol with $ 4.9 billion in the total value locked (tvl). The USDE token is called a “synthetic dollar” and is supported by Bitcoin (BTC), ether (ETH) and other cryptocurrencies.
Ethenas Ena -Token is down by 2.88% over the last 24 hours and underpinns itself against the wider market that has risen 1.17%, according to CoinMarketcap.
